Invesco Ltd. Acquires 30,102 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Invesco Ltd. increased its stake in Cogent Biosciences by 77.9%, acquiring an additional 30,102 shares, bringing its total holdings to approximately $412,000.
• Several institutional investors also significantly boosted their positions in Cogent, with one, CWM LLC, increasing its shareholding by 11,869.9%.
• Analyst ratings for Cogent Biosciences vary; while some firms raised their price targets, the consensus rating is a "Moderate Buy" with a potential price target of $20.00.

Invesco Ltd. raised its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 77.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 68,743 shares of the technology company's stock after acquiring an additional 30,102 shares during the period. Invesco Ltd. owned approximately 0.06% of Cogent Biosciences worth $412,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in COGT. CWM LLC raised its position in shares of Cogent Biosciences by 11,869.9% during the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after acquiring an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cogent Biosciences during the 4th quarter valued at $78,000. Hsbc Holdings PLC bought a new stake in shares of Cogent Biosciences during the 4th quarter valued at $81,000. Tower Research Capital LLC TRC raised its position in shares of Cogent Biosciences by 1,911.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 12,167 shares of the technology company's stock valued at $95,000 after acquiring an additional 11,562 shares during the last quarter. Finally, Forefront Analytics LLC raised its position in shares of Cogent Biosciences by 37.3% during the 4th quarter. Forefront Analytics LLC now owns 13,760 shares of the technology company's stock valued at $107,000 after acquiring an additional 3,739 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have commented on COGT. Leerink Partners upped their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Raymond James Financial initiated coverage on shares of Cogent Biosciences in a research report on Tuesday. They issued a "strong-buy" rating and a $30.00 price objective for the company. HC Wainwright lowered their price objective on shares of Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Robert W. Baird upped their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Citigroup upped their price objective on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. 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 MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

Cogent Biosciences Trading Up 0.9%

Shares of NASDAQ COGT opened at $13.05 on Friday. The firm has a market cap of $1.49 billion, a PE ratio of -7.33 and a beta of 0.35. Cogent Biosciences, Inc. has a 1-year low of $3.72 and a 1-year high of $13.50. The company has a fifty day moving average price of $11.30 and a 200 day moving average price of $7.83.

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 for the quarter, topping analysts' consensus estimates of ($0.55) by $0.02. Equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Insiders Place Their Bets

In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of Cogent Biosciences stock in a transaction that occurred on Thursday, July 10th. The stock was purchased at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the purchase, the director owned 9,003,418 shares in the company, valued at approximately $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.29% of the company's stock.

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.

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