Redmile Group LLC Has $19.26 Million Position in Cogent Biosciences, Inc. $COGT

Key Points

• Redmile Group LLC reduced its holdings in Cogent Biosciences by 9.5% during the 1st quarter, owning approximately 3.2 million shares post-sale, making it the firm's 18th largest holding.
• Director Fairmount Funds Management LLC purchased 2.78 million shares at an average cost of $9.00 per share, increasing their ownership position by 44.62%.
• Cogent Biosciences reported an EPS of ($0.53) for the recent quarter, beating expectations, with research analysts forecasting an average price target of $19.00 for the stock.

Redmile Group LLC decreased its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 9.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,216,026 shares of the technology company's stock after selling 338,810 shares during the quarter. Cogent Biosciences makes up approximately 1.8% of Redmile Group LLC's holdings, making the stock its 18th biggest holding. Redmile Group LLC owned 2.82% of Cogent Biosciences worth $19,264,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Balyasny Asset Management L.P. raised its stake in Cogent Biosciences by 8.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock worth $162,000 after acquiring an additional 1,687 shares during the period. Arizona State Retirement System increased its stake in shares of Cogent Biosciences by 18.0% in the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after purchasing an additional 3,142 shares during the period. MetLife Investment Management LLC increased its stake in shares of Cogent Biosciences by 6.3% in the fourth quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock valued at $443,000 after purchasing an additional 3,382 shares during the period. Forefront Analytics LLC increased its stake in shares of 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 purchasing an additional 3,739 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 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 purchasing an additional 3,831 shares during the period.

Insider Buying and Selling

In other news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was purchased at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the purchase, the director owned 9,003,418 shares of the company's stock, valued at approximately $81,030,762. This trade represents a 44.62% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 7.29% of the company's stock.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT traded up $0.11 on Friday, reaching $13.05. 1,846,792 shares of the company traded hands, compared to its average volume of 1,167,272. Cogent Biosciences, Inc. has a fifty-two week low of $3.72 and a fifty-two week high of $13.50. The company's 50 day moving average is $11.30 and its 200-day moving average is $7.83. The stock has a market capitalization of $1.49 billion, a PE ratio of -7.33 and a beta of 0.35.

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

Analysts Set New Price Targets

COGT has been the topic of several analyst reports. Citigroup raised their price target 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. Robert W. Baird raised their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wedbush reiterated a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a research note on Monday, June 30th. Raymond James Financial started coverage on shares of Cogent Biosciences in a research note on Tuesday. They set a "strong-buy" rating and a $30.00 price objective on the stock. Finally, Jefferies Financial Group raised their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note 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 issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

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.