Exome Asset Management LLC Takes $3.72 Million Position in Cogent Biosciences, Inc. $COGT

Key Points

• Exome Asset Management LLC has acquired 621,678 shares of Cogent Biosciences, valued at approximately $3.72 million, making it the firm's 9th largest holding.
• Cogent Biosciences reported a quarterly earnings per share of ($0.53), exceeding analysts' expectations, and has a predicted annual earnings per share of -$2.42.
• Several brokerages have recently upgraded their ratings on Cogent Biosciences, with price targets ranging from $9.00 to $30.00, indicating a generally optimistic outlook for the stock.

Exome Asset Management LLC acquired a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 621,678 shares of the technology company's stock, valued at approximately $3,724,000. Cogent Biosciences comprises about 3.2% of Exome Asset Management LLC's portfolio, making the stock its 9th biggest holding. Exome Asset Management LLC owned about 0.55% of Cogent Biosciences as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Paradigm Biocapital Advisors LP boosted its stake in Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after acquiring an additional 4,046,243 shares during the last quarter. Vestal Point Capital LP bought a new position in Cogent Biosciences in the first quarter valued at approximately $17,970,000. Octagon Capital Advisors LP lifted its stake in Cogent Biosciences by 111.7% in the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after buying an additional 1,458,000 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Cogent Biosciences by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock valued at $5,924,000 after buying an additional 124,069 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Cogent Biosciences by 7.7% in the fourth quarter. Northern Trust Corp now owns 912,713 shares of the technology company's stock valued at $7,119,000 after buying an additional 65,415 shares in the last quarter.

Insiders Place Their Bets

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

Cogent Biosciences Trading Down 1.2%

Shares of NASDAQ:COGT traded down $0.15 on Friday, hitting $12.66. The company had a trading volume of 1,784,361 shares, compared to its average volume of 1,942,608. Cogent Biosciences, Inc. has a 1-year low of $3.72 and a 1-year high of $13.50. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -7.11 and a beta of 0.35. The stock has a 50 day moving average price of $11.73 and a 200 day moving average price of $7.96.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.02. Sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on COGT shares. JPMorgan Chase & Co. lifted their price target on shares of Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Guggenheim lifted their price target on shares of Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Robert W. Baird lifted their price target 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. Raymond James Financial started coverage on shares of Cogent Biosciences in a research note on Tuesday, September 2nd. They issued a "strong-buy" rating and a $30.00 price target on the stock. Finally, Leerink Partners lifted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

Cogent Biosciences Company 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.