Cogent Biosciences, Inc. (NASDAQ:COGT) Shares Purchased by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. increased its position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 5.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,300,000 shares of the technology company's stock after buying an additional 233,966 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 3.89% of Cogent Biosciences worth $33,540,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in Cogent Biosciences during the 4th quarter worth $81,000. KLP Kapitalforvaltning AS purchased a new position in shares of Cogent Biosciences during the fourth quarter worth about $88,000. E Fund Management Co. Ltd. acquired a new position in shares of Cogent Biosciences in the fourth quarter valued at approximately $89,000. Proficio Capital Partners LLC acquired a new stake in shares of Cogent Biosciences during the fourth quarter worth $93,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Cogent Biosciences by 1,911.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 12,167 shares of the technology company's stock worth $95,000 after buying an additional 11,562 shares in the last quarter.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock traded up $0.17 during trading on Wednesday, reaching $5.19. The company had a trading volume of 674,386 shares, compared to its average volume of 1,261,163. Cogent Biosciences, Inc. has a fifty-two week low of $3.72 and a fifty-two week high of $12.61. The firm's fifty day moving average is $5.97 and its 200-day moving average is $8.10. The company has a market cap of $590.91 million, a price-to-earnings ratio of -2.09 and a beta of 1.67.

Wall Street Analysts Forecast Growth

COGT has been the subject of a number of research reports. Robert W. Baird cut their target price on shares of Cogent Biosciences from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. HC Wainwright lowered their price target on Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Scotiabank began coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 price target for the company. Finally, Wedbush reissued a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $14.43.

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.