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

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) Director Fairmount Funds Management Llc purchased 2,777,777 shares of Cogent Biosciences stock in a transaction dated Thursday, July 10th. The shares were bought at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the acquisition, the director owned 9,003,418 shares in the company, valued at approximately $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Cogent Biosciences Trading Up 1.0%

COGT traded up $0.11 during mid-day trading on Monday, hitting $11.09. 3,671,015 shares of the stock were exchanged, compared to its average volume of 1,986,345. The firm's fifty day moving average is $6.54 and its two-hundred day moving average is $6.82. Cogent Biosciences, Inc. has a 1-year low of $3.72 and a 1-year high of $12.61. The company has a market cap of $1.26 billion, a PE ratio of -6.03 and a beta of 1.88.

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

Analyst Upgrades and Downgrades

COGT has been the subject of several recent analyst reports. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Guggenheim restated a "buy" rating and set a $17.00 price target on shares of Cogent Biosciences in a report on Tuesday, July 8th. HC Wainwright upped their price objective on Cogent Biosciences from $12.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Leerink Partners increased their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday, July 7th. Finally, Wedbush restated a "neutral" rating and issued a $10.00 target price on shares of Cogent Biosciences in a research report on Monday, June 30th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in COGT. Janus Henderson Group PLC grew its position in shares of Cogent Biosciences by 84.3% during the fourth quarter. Janus Henderson Group PLC now owns 29,073 shares of the technology company's stock worth $227,000 after buying an additional 13,300 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Cogent Biosciences by 78.6% in the fourth quarter. Ameriprise Financial Inc. now owns 21,499 shares of the technology company's stock worth $168,000 after acquiring an additional 9,459 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Cogent Biosciences by 15.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company's stock worth $1,058,000 after acquiring an additional 17,741 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Cogent Biosciences by 30.5% in the 4th quarter. ProShare Advisors LLC now owns 31,074 shares of the technology company's stock valued at $242,000 after purchasing an additional 7,267 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cogent Biosciences by 7.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,582 shares of the technology company's stock valued at $456,000 after purchasing an additional 3,831 shares in the last quarter.

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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