Readystate Asset Management LP Sells 169,820 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Readystate Asset Management LP lessened its position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 32.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 350,180 shares of the technology company's stock after selling 169,820 shares during the period. Readystate Asset Management LP owned about 0.31% of Cogent Biosciences worth $2,098,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWM LLC increased its holdings in shares of 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. Arizona State Retirement System increased its holdings in shares of Cogent Biosciences by 18.0% in the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock worth $123,000 after purchasing an additional 3,142 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Cogent Biosciences by 9.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 302,481 shares of the technology company's stock worth $1,812,000 after purchasing an additional 27,189 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Cogent Biosciences by 3.9% in the 1st quarter. Rhumbline Advisers now owns 130,458 shares of the technology company's stock worth $781,000 after purchasing an additional 4,877 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cogent Biosciences by 15.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company's stock worth $1,058,000 after purchasing an additional 17,741 shares in the last quarter.

Insider Activity

In other Cogent Biosciences news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was purchased at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the transaction, the director directly owned 9,003,418 shares in the company, valued at approximately $81,030,762. The trade was a 44.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.29% of the stock is currently owned by insiders.

Cogent Biosciences Stock Performance

Shares of COGT stock traded down $0.12 during mid-day trading on Friday, reaching $12.07. 1,763,766 shares of the company's stock traded hands, compared to its average volume of 5,022,864. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $12.97. The firm has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $7.12. The firm has a market capitalization of $1.37 billion, a PE ratio of -6.56 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.04. As a group, equities analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on COGT shares. Guggenheim reissued a "buy" rating and issued a $17.00 target price on shares of Cogent Biosciences in a report on Tuesday, July 8th. HC Wainwright increased their price target on Cogent Biosciences from $12.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Robert W. Baird increased their price target on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Leerink Partners increased their price target on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Monday, July 7th. Finally, JPMorgan Chase & Co. increased their price target on Cogent Biosciences from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. 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. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.70.

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.