Two Sigma Advisers LP Lowers Stock Holdings in Cogent Biosciences, Inc. (NASDAQ:COGT)

Two Sigma Advisers LP cut its holdings in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 87.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,915 shares of the technology company's stock after selling 137,175 shares during the quarter. Two Sigma Advisers LP's holdings in Cogent Biosciences were worth $148,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in COGT. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $78,000. Hsbc Holdings PLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $81,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $88,000. E Fund Management Co. Ltd. purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $89,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $93,000.

Analyst Ratings Changes

COGT has been the subject of several research reports. Wedbush reiterated a "neutral" rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Piper Sandler upgraded Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Scotiabank started coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price for the company. Finally, JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $21.00 to $25.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.57.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT traded down $0.16 during mid-day trading on Wednesday, reaching $7.26. 2,466,178 shares of the company's stock were exchanged, compared to its average volume of 1,296,764. The firm has a market capitalization of $826.59 million, a price-to-earnings ratio of -2.93 and a beta of 1.82. Cogent Biosciences, Inc. has a 52-week low of $3.72 and a 52-week high of $12.61. The company's 50-day moving average is $5.06 and its 200-day moving average is $6.96.

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

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.