233,852 Shares in Cogent Biosciences, Inc. $COGT Bought by Nuveen LLC

Key Points

• Nuveen LLC has made a new investment of approximately $1.40 million in Cogent Biosciences, acquiring 233,852 shares and holding about 0.21% of the company as of the latest reporting period.
• Cogent Biosciences reported a quarterly earnings per share of ($0.53), exceeding the consensus estimate of ($0.55), while analysts predict an average of ($2.42) EPS for the current fiscal year.
• Several analysts have upgraded their price targets for Cogent Biosciences, with Citigroup raising its target from $15.00 to $22.00 and Jefferies Financial Group boosting it from $23.00 to $28.00, reflecting a positive outlook for the stock.

Nuveen LLC acquired a new position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 233,852 shares of the technology company's stock, valued at approximately $1,401,000. Nuveen LLC owned 0.21% of Cogent Biosciences at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on COGT. JPMorgan Chase & Co. increased their target price on shares of Cogent Biosciences from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Guggenheim increased their target price on shares of Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. Raymond James Financial began coverage on shares of Cogent Biosciences in a research note on Tuesday. They issued a "strong-buy" rating and a $30.00 target price on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Finally, Jefferies Financial Group increased their target price on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Insider Buying and Selling

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 bought at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the transaction, the director directly owned 9,003,418 shares in the company, valued at $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.29% of the stock is currently owned by insiders.

Cogent Biosciences Trading Up 0.9%

Shares of Cogent Biosciences stock traded up $0.11 on Friday, hitting $13.05. 1,846,792 shares of the company traded hands, compared to its average volume of 1,167,272. The firm's 50-day simple moving average is $11.30 and its 200 day simple moving average is $7.83. The company has a market cap of $1.49 billion, a P/E ratio of -7.33 and a beta of 0.35. Cogent Biosciences, Inc. has a 12-month low of $3.72 and a 12-month high of $13.50.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.02. Analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

About Cogent Biosciences

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.