Cogent Biosciences (NASDAQ:COGT) Trading Down 3.8% – What’s Next?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) traded down 3.8% on Thursday . The company traded as low as $37.70 and last traded at $37.9410. 228,501 shares were traded during trading, a decline of 90% from the average session volume of 2,256,667 shares. The stock had previously closed at $39.45.

Wall Street Analyst Weigh In

Several brokerages have issued reports on COGT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cogent Biosciences in a report on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a research note on Monday, December 8th. Wedbush raised shares of Cogent Biosciences from a “neutral” rating to an “outperform” rating and set a $38.00 target price for the company in a research report on Monday, November 10th. Stifel Nicolaus raised shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Monday, November 10th. Finally, HC Wainwright lifted their price target on Cogent Biosciences from $21.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.73.

Cogent Biosciences Stock Performance

The company’s 50 day simple moving average is $28.04 and its 200 day simple moving average is $16.90. The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.38 and a current ratio of 6.38. The stock has a market cap of $5.40 billion, a PE ratio of -23.09 and a beta of 0.50.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Monday, November 3rd. The technology company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.04. Analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

Several hedge funds have recently added to or reduced their stakes in COGT. Deerfield Management Company L.P. grew its position in shares of Cogent Biosciences by 242.9% during the 3rd quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock valued at $130,003,000 after acquiring an additional 6,412,903 shares during the period. Fairmount Funds Management LLC lifted its stake in Cogent Biosciences by 44.6% in the third quarter. Fairmount Funds Management LLC now owns 9,003,418 shares of the technology company’s stock valued at $129,289,000 after purchasing an additional 2,777,777 shares during the last quarter. Paradigm Biocapital Advisors LP grew its holdings in Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock valued at $53,692,000 after purchasing an additional 4,046,243 shares during the period. Vanguard Group Inc. increased its position in Cogent Biosciences by 18.9% in the third quarter. Vanguard Group Inc. now owns 7,757,662 shares of the technology company’s stock worth $111,400,000 after buying an additional 1,234,711 shares during the last quarter. Finally, Commodore Capital LP raised its stake in shares of Cogent Biosciences by 213.7% in the third quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock valued at $104,110,000 after buying an additional 4,938,836 shares during the period.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.