Bank of America Corp DE Decreases Stake in Cogent Biosciences, Inc. (NASDAQ:COGT)

Bank of America Corp DE lessened its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 92.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,067 shares of the technology company's stock after selling 462,345 shares during the quarter. Bank of America Corp DE's holdings in Cogent Biosciences were worth $305,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of COGT. BNP Paribas Financial Markets acquired a new stake in Cogent Biosciences during the 4th quarter worth $521,000. Ameriprise Financial Inc. grew its holdings in shares of Cogent Biosciences by 78.6% during the fourth quarter. Ameriprise Financial Inc. now owns 21,499 shares of the technology company's stock worth $168,000 after purchasing an additional 9,459 shares during the last quarter. Algert Global LLC increased its position in shares of Cogent Biosciences by 92.3% during the fourth quarter. Algert Global LLC now owns 344,235 shares of the technology company's stock worth $2,685,000 after purchasing an additional 165,210 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Cogent Biosciences in the 4th quarter valued at about $251,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Cogent Biosciences in the 4th quarter valued at about $78,000.

Analyst Upgrades and Downgrades

Several research firms have commented on COGT. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $21.00 to $25.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Wedbush restated a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Scotiabank initiated coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 price target for the company. Piper Sandler upgraded shares of Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.57.

Cogent Biosciences Stock Up 1.7%

NASDAQ:COGT traded up $0.13 during midday trading on Tuesday, reaching $7.62. The stock had a trading volume of 2,130,237 shares, compared to its average volume of 1,310,545. The stock has a market cap of $867.61 million, a P/E ratio of -4.14 and a beta of 1.82. The firm has a fifty day simple moving average of $5.30 and a two-hundred day simple moving average of $6.88. Cogent Biosciences, Inc. has a 12-month low of $3.72 and a 12-month high of $12.61.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.04. On average, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

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.