Cogent Biosciences (NASDAQ:COGT) Trading Down 4.7% - What's Next?

Key Points

• Cogent Biosciences (NASDAQ:COGT) experienced a 4.7% decline in stock price, trading as low as $15.40 and closing at $15.44 on Tuesday, with trading volume down 71% from its average.
• Several firms upgraded their ratings, with Guggenheim raising their price objective to $20.00 and JPMorgan to $30.00, while Weiss Ratings maintained a "sell" rating, reflecting mixed analyst sentiment.
• The biotechnology company reported a quarterly EPS of ($0.53), beating estimates, and is projected to post an EPS of ($2.42) for the current fiscal year.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) traded down 4.7% during trading on Tuesday . The company traded as low as $15.40 and last traded at $15.44. 559,804 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,941,294 shares. The stock had previously closed at $16.20.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COGT. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Cogent Biosciences in a research note on Wednesday, October 8th. Guggenheim upped their price objective on shares of Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. JPMorgan Chase & Co. upped their price objective on shares of Cogent Biosciences from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Jefferies Financial Group upped their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Citigroup increased their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of "Moderate Buy" and an average price target of $20.00.

Cogent Biosciences Price Performance

The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -8.81 and a beta of 0.30. The company's fifty day moving average price is $12.92 and its 200-day moving average price is $9.04.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.02. On average, sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds have recently modified their holdings of COGT. Osaic Holdings Inc. increased its holdings in shares of Cogent Biosciences by 41.4% during the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company's stock valued at $33,000 after acquiring an additional 1,333 shares in the last quarter. Strs Ohio acquired a new position in Cogent Biosciences in the 1st quarter worth approximately $36,000. CWM LLC increased its holdings in Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after buying an additional 8,665 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Cogent Biosciences by 16.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company's stock worth $78,000 after buying an additional 1,543 shares during the period. Finally, Prudential Financial Inc. acquired a new position in Cogent Biosciences in the 2nd quarter worth approximately $93,000.

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.

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