Algert Global LLC Has $3.16 Million Position in Cogent Biosciences, Inc. $COGT

Key Points

• Algert Global LLC increased its stake in Cogent Biosciences by 53.5%, owning 528,262 shares valued at approximately $3.16 million after purchasing 184,027 additional shares in the first quarter.
• Director Fairmount Funds Management Llc significantly enhanced their holdings by acquiring 2,777,777 shares at an average cost of $9.00 per share, raising their total ownership by 44.62% to approximately $81 million.
• Analysts have raised price targets for Cogent Biosciences, with estimates now ranging from $9.00 to $30.00, reflecting an overall consensus rating of "Moderate Buy".

Algert Global LLC boosted its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 53.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 528,262 shares of the technology company's stock after purchasing an additional 184,027 shares during the quarter. Algert Global LLC owned about 0.46% of Cogent Biosciences worth $3,164,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in COGT. Octagon Capital Advisors LP boosted its position in Cogent Biosciences by 111.7% during the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock worth $21,551,000 after purchasing an additional 1,458,000 shares during the period. Paradigm Biocapital Advisors LP boosted its position in Cogent Biosciences by 6.7% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,917,412 shares of the technology company's stock worth $38,356,000 after purchasing an additional 307,650 shares during the period. Renaissance Technologies LLC bought a new stake in Cogent Biosciences during the fourth quarter worth approximately $1,895,000. Adage Capital Partners GP L.L.C. boosted its position in Cogent Biosciences by 5.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company's stock worth $33,540,000 after purchasing an additional 233,966 shares during the period. Finally, Nuveen LLC bought a new stake in Cogent Biosciences during the first quarter worth approximately $1,401,000.

Cogent Biosciences Stock Up 3.7%

Cogent Biosciences stock traded up $0.44 during mid-day trading on Tuesday, hitting $12.23. 1,173,299 shares of the company were exchanged, compared to its average volume of 1,371,372. The business has a fifty day moving average of $10.46 and a 200 day moving average of $7.59. Cogent Biosciences, Inc. has a 1-year low of $3.72 and a 1-year high of $12.97. The company has a market capitalization of $1.39 billion, a PE ratio of -6.87 and a beta of 0.36.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.02. Research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Insider Transactions at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the company's stock in a transaction on Thursday, July 10th. The stock was purchased at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Citigroup upped their price target on Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Guggenheim upped their price target on Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Monday. JPMorgan Chase & Co. upped their price target on Cogent Biosciences from $29.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Finally, Robert W. Baird upped their price target on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Cogent Biosciences presently has an average rating of "Moderate Buy" and an average target price of $19.00.

Cogent Biosciences 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.