Ieq Capital LLC Purchases New Stake in Cogent Biosciences, Inc. $COGT

Ieq Capital LLC purchased a new stake in Cogent Biosciences, Inc. (NASDAQ:COGT) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,792 shares of the technology company’s stock, valued at approximately $101,000.

Other institutional investors have also recently modified their holdings of the company. CWM LLC boosted its stake in shares of Cogent Biosciences by 11,869.9% in the first quarter. CWM LLC now owns 8,738 shares of the technology company’s stock valued at $52,000 after buying an additional 8,665 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Cogent Biosciences in the fourth quarter valued at approximately $78,000. Hsbc Holdings PLC purchased a new stake in shares of Cogent Biosciences in the fourth quarter valued at approximately $81,000. E Fund Management Co. Ltd. boosted its stake in shares of Cogent Biosciences by 37.7% in the first quarter. E Fund Management Co. Ltd. now owns 15,670 shares of the technology company’s stock valued at $94,000 after buying an additional 4,290 shares in the last quarter. Finally, AlphaQuest LLC boosted its stake in shares of Cogent Biosciences by 134.0% in the first quarter. AlphaQuest LLC now owns 18,750 shares of the technology company’s stock valued at $112,000 after buying an additional 10,738 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on COGT shares. Leerink Partners lifted their price target on Cogent Biosciences from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Monday, July 7th. JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Guggenheim boosted their target price on Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Finally, HC Wainwright decreased their target price on Cogent Biosciences from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Activity

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of Cogent Biosciences stock in a transaction dated Thursday, July 10th. The shares were acquired at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the transaction, the director directly owned 9,003,418 shares of the company’s stock, valued at $81,030,762. The trade was a 44.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 7.29% of the stock is owned by corporate insiders.

Cogent Biosciences Stock Down 2.8%

Shares of NASDAQ:COGT opened at $12.68 on Tuesday. Cogent Biosciences, Inc. has a 52-week low of $3.72 and a 52-week high of $13.50. The stock’s fifty day simple moving average is $11.41 and its 200-day simple moving average is $7.86. The company has a market capitalization of $1.44 billion, a P/E ratio of -7.12 and a beta of 0.35.

Cogent Biosciences (NASDAQ:COGT) last issued 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 anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

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.