Knott David M Jr Takes $1.28 Million Position in Cogent Biosciences, Inc. (NASDAQ:COGT)

Key Points

• Knott David M Jr has acquired a new position in Cogent Biosciences, Inc., purchasing 213,302 shares valued at approximately $1.28 million.
• Several hedge funds intensified their stakes in Cogent Biosciences, with Janus Henderson Group PLC increasing their position by 84.3% in the fourth quarter.
• Cogent Biosciences recently reported an EPS of (0.53), surpassing analysts' expectations, while its stock price target among analysts averages at $18.70.

Knott David M Jr bought a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 213,302 shares of the technology company's stock, valued at approximately $1,278,000. Cogent Biosciences makes up about 0.6% of Knott David M Jr's portfolio, making the stock its 24th biggest position. Knott David M Jr owned approximately 0.19% of Cogent Biosciences at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in Cogent Biosciences during the first quarter valued at about $1,401,000. Invesco Ltd. increased its holdings in shares of Cogent Biosciences by 77.9% in the 1st quarter. Invesco Ltd. now owns 68,743 shares of the technology company's stock worth $412,000 after buying an additional 30,102 shares during the last quarter. Swiss National Bank increased its position in shares of Cogent Biosciences by 17.5% during the 1st quarter. Swiss National Bank now owns 139,100 shares of the technology company's stock valued at $833,000 after purchasing an additional 20,700 shares during the last quarter. CWM LLC grew its holdings in 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 purchasing an additional 8,665 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Cogent Biosciences by 18.0% during the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after acquiring an additional 3,142 shares in the last quarter.

Cogent Biosciences Stock Down 0.0%

Shares of NASDAQ COGT traded down $0.00 during midday trading on Friday, hitting $11.71. 324,883 shares of the company's stock were exchanged, compared to its average volume of 1,986,506. The firm has a market capitalization of $1.33 billion, a PE ratio of -6.58 and a beta of 0.36. The company's 50 day moving average price is $9.70 and its 200 day moving average price is $7.45. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $12.97.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on COGT shares. Jefferies Financial Group raised their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Wedbush reissued a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a report on Monday, June 30th. Leerink Partners boosted their price target on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday, July 7th. Robert W. Baird boosted their target price on shares of Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, HC Wainwright reduced their target price on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of "Moderate Buy" and an average price target of $18.70.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the stock in a transaction dated Thursday, July 10th. The stock was acquired at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the acquisition, the director owned 9,003,418 shares in the company, valued at approximately $81,030,762. This represents a 44.62% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 7.29% of the company's stock.

Cogent Biosciences 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.