Paradigm Biocapital Advisors LP Acquires 4,046,243 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Paradigm Biocapital Advisors LP increased its stake in Cogent Biosciences by 82.3%, now owning nearly 9 million shares valued at approximately $53.7 million.
• Cogent Biosciences reported an EPS of ($0.53), surpassing analysts' expectations of ($0.55), as analysts predict a future EPS of -$2.42 for the fiscal year.
• Several analysts have upgraded Cogent Biosciences' target prices, with Citigroup raising its target from $15 to $22, while maintaining a 'buy' rating.

Paradigm Biocapital Advisors LP grew its position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 82.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,963,655 shares of the technology company's stock after acquiring an additional 4,046,243 shares during the period. Cogent Biosciences accounts for 2.5% of Paradigm Biocapital Advisors LP's portfolio, making the stock its 12th largest holding. Paradigm Biocapital Advisors LP owned about 7.87% of Cogent Biosciences worth $53,692,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Janus Henderson Group PLC boosted its position in shares of Cogent Biosciences by 84.3% during the 4th quarter. Janus Henderson Group PLC now owns 29,073 shares of the technology company's stock worth $227,000 after acquiring an additional 13,300 shares in the last quarter. Fox Run Management L.L.C. boosted its holdings in Cogent Biosciences by 361.3% in the 1st quarter. Fox Run Management L.L.C. now owns 46,626 shares of the technology company's stock valued at $279,000 after purchasing an additional 36,518 shares during the period. Knott David M Jr bought a new stake in Cogent Biosciences in the first quarter worth $1,278,000. Ameriprise Financial Inc. lifted its position in shares of Cogent Biosciences by 78.6% in the 4th 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 period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cogent Biosciences by 15.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company's stock valued at $1,058,000 after purchasing an additional 17,741 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Robert W. Baird upped their target price on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Raymond James Financial assumed coverage on shares of Cogent Biosciences in a report on Tuesday. They issued a "strong-buy" rating and a $30.00 target price on the stock. Leerink Partners boosted their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research note on Monday, July 7th. Wedbush reissued a "neutral" rating and set a $10.00 target price on shares of Cogent Biosciences in a research report on Monday, June 30th. Finally, Jefferies Financial Group upped their target price on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Cogent Biosciences currently has a consensus rating of "Moderate Buy" and an average target price of $20.00.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was bought at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the purchase, the director directly owned 9,003,418 shares in the company, valued at approximately $81,030,762. This represents a 44.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.29% of the stock is owned by corporate insiders.

Cogent Biosciences Stock Performance

COGT traded up $1.08 during trading on Wednesday, hitting $13.08. The stock had a trading volume of 3,496,015 shares, compared to its average volume of 1,153,530. The company has a 50 day moving average price of $10.94 and a 200-day moving average price of $7.72. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $13.50.

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, beating the consensus estimate of ($0.55) by $0.02. Research analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

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.