Cogent Biosciences, Inc. (NASDAQ:COGT) Shares Sold by Readystate Asset Management LP

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

Several other hedge funds have also bought and sold shares of the stock. CWM LLC raised 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 buying an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Cogent Biosciences in the fourth quarter worth about $78,000. Hsbc Holdings PLC purchased a new stake in Cogent Biosciences in the fourth quarter worth about $81,000. KLP Kapitalforvaltning AS purchased a new stake in Cogent Biosciences in the fourth quarter worth about $88,000. Finally, Proficio Capital Partners LLC purchased a new stake in Cogent Biosciences in the fourth quarter worth about $93,000.

Insider Transactions at Cogent Biosciences

In other 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 purchased at an average price 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. The trade was a 44.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 7.29% of the company's stock.

Wall Street Analyst Weigh In

COGT has been the topic of a number of recent analyst reports. Robert W. Baird raised their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Citigroup boosted their target price on Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. raised 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. Jefferies Financial Group boosted their target price on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, HC Wainwright upped their price target on shares of Cogent Biosciences from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.70.

Cogent Biosciences Stock Performance

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

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, topping analysts' consensus estimates of ($0.56) by $0.04. On average, equities research analysts anticipate that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal 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.