Invesco Ltd. Sells 455,437 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Invesco Ltd. reduced its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 92.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,641 shares of the technology company's stock after selling 455,437 shares during the period. Invesco Ltd.'s holdings in Cogent Biosciences were worth $301,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in COGT. KLP Kapitalforvaltning AS bought a new position in Cogent Biosciences in the 4th quarter worth about $88,000. E Fund Management Co. Ltd. bought a new stake in Cogent Biosciences during the 4th quarter worth approximately $89,000. Proficio Capital Partners LLC bought a new stake in Cogent Biosciences during the 4th quarter worth approximately $93,000. Teacher Retirement System of Texas lifted its stake in Cogent Biosciences by 15.4% in the 4th quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock worth $140,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Cogent Biosciences in the 3rd quarter valued at $147,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on COGT shares. Piper Sandler upgraded Cogent Biosciences to a "strong-buy" rating in a research report on Friday, March 7th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Robert W. Baird lowered their target price on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday. Wedbush reissued a "neutral" rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Finally, Scotiabank started 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 objective on the stock. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $14.29.

Cogent Biosciences Stock Performance

NASDAQ:COGT traded down $0.01 during trading hours on Wednesday, reaching $4.69. The company's stock had a trading volume of 1,151,059 shares, compared to its average volume of 1,260,323. The firm has a market capitalization of $534.21 million, a price-to-earnings ratio of -1.89 and a beta of 1.91. The firm has a 50-day simple moving average of $5.79 and a 200-day simple moving average of $7.88. Cogent Biosciences, Inc. has a 1 year low of $3.72 and a 1 year high of $12.61.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted 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. Equities analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

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.