Commodore Capital LP Increases Stock Position in Cogent Biosciences, Inc. $COGT

Key Points

• Commodore Capital LP boosted its stake in Cogent Biosciences by 213.7% in Q3, acquiring 4,938,836 shares to hold 7,250,000 shares (about 5.09% of the company) valued at ~$104.11 million, making it the firm's fourth-largest position.
• Analysts show mixed views but a consensus of Moderate Buy with a mean price target of $42.82; notable calls include JPMorgan's $67 overweight and UBS's strong-buy versus a sell downgrade from Wall Street Zen.
• Insiders sold roughly 3,737,642 shares worth ~$136.6 million over the last quarter, including Fairmount Funds' sale of 3.5 million shares (a ~38.9% reduction in its stake).

Commodore Capital LP grew its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 213.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,250,000 shares of the technology company's stock after acquiring an additional 4,938,836 shares during the period. Cogent Biosciences comprises 5.1% of Commodore Capital LP's investment portfolio, making the stock its 4th biggest position. Commodore Capital LP owned approximately 5.09% of Cogent Biosciences worth $104,110,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Osaic Holdings Inc. raised its holdings in shares of Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company's stock worth $33,000 after purchasing an additional 1,333 shares during the period. Strs Ohio purchased a new stake in Cogent Biosciences in the first quarter worth $36,000. Ameritas Investment Partners Inc. raised its stake in shares of Cogent Biosciences by 16.6% in the second quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company's stock valued at $78,000 after buying an additional 1,543 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cogent Biosciences by 22.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,401 shares of the technology company's stock valued at $78,000 after buying an additional 1,003 shares during the period. Finally, CWM LLC raised its stake in shares of Cogent Biosciences by 25.3% in the third quarter. CWM LLC now owns 5,582 shares of the technology company's stock valued at $80,000 after buying an additional 1,126 shares during the period.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Robert W. Baird set a $35.00 price target on Cogent Biosciences in a research note on Thursday, February 19th. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences to $67.00 and gave the company an "overweight" rating in a research note on Friday, December 19th. Wall Street Zen downgraded shares of Cogent Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, January 31st. UBS Group upgraded shares of Cogent Biosciences to a "strong-buy" rating in a research report on Wednesday, January 7th. Finally, HC Wainwright lifted their target price on shares of Cogent Biosciences to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.82.

Cogent Biosciences Price Performance

Cogent Biosciences stock opened at $34.00 on Friday. The firm has a market capitalization of $5.52 billion, a P/E ratio of -15.74 and a beta of 0.47. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $43.73. The company has a debt-to-equity ratio of 0.41, a current ratio of 14.23 and a quick ratio of 14.23. The business has a fifty day moving average price of $37.32 and a 200-day moving average price of $28.92.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The technology company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.04). As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Insider Buying and Selling

In other news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the firm's stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $36.40, for a total value of $127,400,000.00. Following the completion of the transaction, the director directly owned 5,503,418 shares in the company, valued at approximately $200,324,415.20. This trade represents a 38.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Edward Robinson sold 90,000 shares of the firm's stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $38.74, for a total transaction of $3,486,600.00. Following the completion of the transaction, the insider owned 140,002 shares of the company's stock, valued at $5,423,677.48. This trade represents a 39.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,737,642 shares of company stock worth $136,600,345 over the last quarter. 7.29% of the stock is owned by corporate insiders.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.