Russell Investments Group Ltd. Buys 29,669 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Russell Investments Group Ltd. increased its stake in Cogent Biosciences, Inc. by 17,051.1% in Q1, acquiring an additional 29,669 shares, bringing its total to 29,843 shares valued at $179,000.
• Several institutional investors significantly raised their stakes in Cogent Biosciences, with CWM LLC increasing its ownership by 11,869.9% and Tower Research Capital by 1,911.1% in the fourth quarter.
• Wall Street analysts have set a consensus rating of "Moderate Buy" on Cogent Biosciences, with an average price target of $19.00, noting a wide range of expectations from various analysts.

Russell Investments Group Ltd. lifted its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 17,051.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,843 shares of the technology company's stock after acquiring an additional 29,669 shares during the period. Russell Investments Group Ltd.'s holdings in Cogent Biosciences were worth $179,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. CWM LLC raised its stake 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 valued at $52,000 after acquiring an additional 8,665 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Cogent Biosciences in the 4th quarter worth approximately $78,000. Hsbc Holdings PLC bought a new position in Cogent Biosciences in the 4th quarter worth approximately $81,000. Tower Research Capital LLC TRC increased its position 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 buying an additional 11,562 shares during the period. Finally, Forefront Analytics LLC increased its position 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 buying an additional 3,739 shares during the period.

Cogent Biosciences Price Performance

Shares of COGT stock opened at $12.00 on Wednesday. The stock's fifty day simple moving average is $10.94 and its 200 day simple moving average is $7.72. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -6.74 and a beta of 0.35. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $12.97.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on COGT shares. HC Wainwright dropped their price target on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Citigroup lifted their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Wedbush reissued a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a report on Monday, June 30th. Robert W. Baird lifted their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Leerink Partners lifted their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $19.00.

Insider Buying and Selling

In other Cogent Biosciences news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of Cogent Biosciences stock in a transaction on Thursday, July 10th. The shares were bought at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the purchase, the director 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 legal filing with the SEC, which is available through the SEC website. Corporate 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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