Cogent Biosciences, Inc. $COGT Shares Acquired by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Cogent Biosciences by 14.3%, acquiring an additional 124,069 shares, bringing their total ownership to 988,962 shares valued at approximately $5.9 million.
• The stock has seen significant fluctuations over the past year, with a low of $3.72 and a high of $13.50, currently trading at around $12.41.
• Analysts have mixed views on Cogent Biosciences; while Guggenheim raised their target price from $17 to $20, HC Wainwright reduced theirs from $22 to $21, reflecting diverse outlooks on its potential.

Goldman Sachs Group Inc. raised its position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 14.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 988,962 shares of the technology company's stock after acquiring an additional 124,069 shares during the period. Goldman Sachs Group Inc. owned approximately 0.87% of Cogent Biosciences worth $5,924,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Strs Ohio purchased a new position in shares of Cogent Biosciences in the 1st quarter valued at approximately $36,000. CWM LLC grew its position in shares of Cogent Biosciences by 11,869.9% during the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after buying an additional 8,665 shares in the last quarter. E Fund Management Co. Ltd. grew its position in shares of Cogent Biosciences by 37.7% during the first quarter. E Fund Management Co. Ltd. now owns 15,670 shares of the technology company's stock worth $94,000 after buying an additional 4,290 shares in the last quarter. Ieq Capital LLC acquired a new position in Cogent Biosciences in the first quarter valued at approximately $101,000. Finally, AlphaQuest LLC lifted its stake in Cogent Biosciences by 134.0% in the first quarter. AlphaQuest LLC now owns 18,750 shares of the technology company's stock valued at $112,000 after buying an additional 10,738 shares during the last quarter.

Insider Buying and Selling at Cogent Biosciences

In other Cogent Biosciences news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were acquired at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed 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

Several equities research analysts have recently commented on the company. HC Wainwright cut their price target on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Guggenheim raised their price objective on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Raymond James Financial began coverage on Cogent Biosciences in a research report on Tuesday, September 2nd. They set a "strong-buy" rating and a $30.00 price target for the company. Citigroup upped their price target on Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $20.00.

Cogent Biosciences Stock Down 5.9%

Shares of COGT traded down $0.75 during mid-day trading on Friday, reaching $11.97. 6,138,340 shares of the stock traded hands, compared to its average volume of 1,513,737. Cogent Biosciences, Inc. has a 12-month low of $3.72 and a 12-month high of $13.50. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -6.72 and a beta of 0.35. The stock has a fifty day simple moving average of $12.04 and a 200 day simple moving average of $8.18.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.02. On average, equities research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

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.