Walleye Capital LLC Sells 402,907 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Walleye Capital LLC reduced its stake in Cogent Biosciences by 43.0% during the first quarter, selling over 400,000 shares to hold approximately 533,884 shares worth $3.2 million.
• Recent analyst ratings for Cogent Biosciences show a mix of optimism, with several price target increases leading to an average target price of $19.00, reflecting a consensus of "Moderate Buy."
• In a significant insider transaction, Director Fairmount Funds Management Llc acquired 2.8 million shares at $9.00 each, increasing their position by 44.62% and valuing their total stake at over $81 million.

Walleye Capital LLC lessened its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 43.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 533,884 shares of the technology company's stock after selling 402,907 shares during the period. Walleye Capital LLC owned 0.47% of Cogent Biosciences worth $3,198,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Balyasny Asset Management L.P. raised its position in Cogent Biosciences by 8.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock worth $162,000 after purchasing an additional 1,687 shares during the last quarter. Arizona State Retirement System raised its position in shares of Cogent Biosciences by 18.0% during the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock worth $123,000 after acquiring an additional 3,142 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Cogent Biosciences by 6.3% during the fourth quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock worth $443,000 after acquiring an additional 3,382 shares during the last quarter. Forefront Analytics LLC boosted its holdings in Cogent Biosciences by 37.3% in the fourth quarter. Forefront Analytics LLC now owns 13,760 shares of the technology company's stock valued at $107,000 after acquiring an additional 3,739 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cogent Biosciences by 7.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,582 shares of the technology company's stock valued at $456,000 after acquiring an additional 3,831 shares during the last quarter.

Cogent Biosciences Price Performance

NASDAQ COGT remained flat at $12.08 during trading on Monday. The company's stock had a trading volume of 1,060,778 shares, compared to its average volume of 1,205,397. The firm has a market cap of $1.38 billion, a P/E ratio of -6.79 and a beta of 0.35. The company has a 50 day moving average price of $10.75 and a 200-day moving average price of $7.66. Cogent Biosciences, Inc. has a 12-month low of $3.72 and a 12-month high of $12.97.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released 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. Sell-side analysts expect 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 bought 2,777,777 shares of Cogent Biosciences stock in a transaction dated Thursday, July 10th. The stock was bought at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the purchase, the director 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.29% of the company's stock.

Wall Street Analyst Weigh In

COGT has been the topic of a number of recent analyst reports. HC Wainwright reduced their target price on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Citigroup upped their target price on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Leerink Partners upped their price objective on shares of Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Finally, Wedbush restated a "neutral" rating and issued a $10.00 price objective on shares of Cogent Biosciences in a research report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

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.