Cogent Biosciences, Inc. (NASDAQ:COGT) Director Fairmount Funds Management Llc Acquires 2,777,777 Shares of Stock

Cogent Biosciences, Inc. (NASDAQ:COGT) Director Fairmount Funds Management Llc acquired 2,777,777 shares of Cogent Biosciences stock in a transaction dated Thursday, July 10th. The stock was purchased at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the acquisition, the director directly owned 9,003,418 shares in the company, valued at approximately $81,030,762. This represents a 44.62% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Cogent Biosciences Price Performance

COGT stock opened at $11.09 on Tuesday. The company’s 50 day simple moving average is $6.65 and its 200-day simple moving average is $6.85. The firm has a market capitalization of $1.26 billion, a PE ratio of -6.03 and a beta of 1.88. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.04. As a group, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on COGT. HC Wainwright boosted their price target on shares of Cogent Biosciences from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. increased their price target on shares of Cogent Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Jefferies Financial Group lifted their price target on Cogent Biosciences from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Monday, June 30th. Finally, Robert W. Baird lifted their price target on Cogent Biosciences from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Institutional Trading of Cogent Biosciences

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its position in shares of Cogent Biosciences by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock valued at $5,924,000 after purchasing an additional 124,069 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Cogent Biosciences by 3.9% during the first quarter. Rhumbline Advisers now owns 130,458 shares of the technology company’s stock valued at $781,000 after buying an additional 4,877 shares during the period. Strs Ohio purchased a new position in shares of Cogent Biosciences during the first quarter valued at approximately $36,000. Jane Street Group LLC lifted its stake in shares of Cogent Biosciences by 66.2% during the first quarter. Jane Street Group LLC now owns 123,822 shares of the technology company’s stock valued at $742,000 after buying an additional 49,338 shares during the period. Finally, Woodline Partners LP lifted its stake in shares of Cogent Biosciences by 175.2% during the first quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company’s stock valued at $10,108,000 after buying an additional 1,074,375 shares during the period.

About Cogent Biosciences

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.