Algert Global LLC Purchases 184,027 Shares of 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 grew its holdings in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 53.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 528,262 shares of the technology company's stock after purchasing an additional 184,027 shares during the period. Algert Global LLC owned approximately 0.46% of Cogent Biosciences worth $3,164,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC increased its stake in shares of Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after purchasing an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Cogent Biosciences during the 4th quarter worth $78,000. Hsbc Holdings PLC acquired a new position in Cogent Biosciences during the 4th quarter worth about $81,000. Tower Research Capital LLC TRC lifted its holdings in 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 during the period. Finally, Forefront Analytics LLC lifted its holdings in Cogent Biosciences by 37.3% during the 4th quarter. Forefront Analytics LLC now owns 13,760 shares of the technology company's stock worth $107,000 after buying an additional 3,739 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on COGT shares. Guggenheim reissued a "buy" rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, July 8th. Citigroup boosted their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Wedbush reissued a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a report on Monday, June 30th. Finally, HC Wainwright decreased their price objective on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.70.

Cogent Biosciences Trading Up 3.0%

Shares of COGT stock traded up $0.35 during trading on Friday, hitting $12.12. The company's stock had a trading volume of 1,148,287 shares, compared to its average volume of 1,425,426. Cogent Biosciences, Inc. has a 52 week low of $3.72 and a 52 week high of $12.97. The business has a fifty day moving average of $10.28 and a 200-day moving average of $7.55. The company has a market cap of $1.38 billion, a PE ratio of -6.81 and a beta of 0.36.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its earnings results 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. As a group, research analysts predict that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Insider Activity

In other Cogent Biosciences news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director owned 9,003,418 shares of the company's stock, valued at approximately $81,030,762. This represents a 44.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 7.29% of the company's stock.

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.