Deerfield Management Company L.P. Series C Sells 1,113,263 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Deerfield Management Company L.P. Series C lowered its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 29.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,631,000 shares of the technology company's stock after selling 1,113,263 shares during the quarter. Deerfield Management Company L.P. Series C owned approximately 2.38% of Cogent Biosciences worth $20,522,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Schonfeld Strategic Advisors LLC acquired a new position in Cogent Biosciences in the 4th quarter valued at $78,000. Hsbc Holdings PLC purchased a new position in Cogent Biosciences during the fourth quarter worth about $81,000. KLP Kapitalforvaltning AS acquired a new stake in Cogent Biosciences in the 4th quarter worth about $88,000. E Fund Management Co. Ltd. purchased a new stake in Cogent Biosciences in the 4th quarter valued at about $89,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Cogent Biosciences during the 4th quarter valued at about $93,000.

Analyst Ratings Changes

Several brokerages have recently issued reports on COGT. Piper Sandler raised shares of Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Wedbush reaffirmed a "neutral" rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Robert W. Baird reduced their price target on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Finally, HC Wainwright reduced their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $14.29.

Cogent Biosciences Trading Down 2.5%

COGT traded down $0.13 during trading on Tuesday, reaching $5.00. 321,915 shares of the company were exchanged, compared to its average volume of 1,255,064. The firm has a 50 day moving average of $5.60 and a 200 day moving average of $7.65. The stock has a market cap of $569.28 million, a P/E ratio of -2.02 and a beta of 1.91. Cogent Biosciences, Inc. has a 52 week low of $3.72 and a 52 week high of $12.61.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings data 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, analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal 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.