Vanguard Group Inc. Sells 75,042 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Vanguard Group Inc. reduced its stake in Cogent Biosciences by 1.2%, owning 6,058,338 shares worth approximately $36.29 million at the end of the most recent quarter.
• Cogent Biosciences received positive ratings from several research firms, with price targets raised by firms such as JPMorgan and Citigroup, indicating a consensus rating of "Moderate Buy" and an average target of $19.00.
• Director Fairmount Funds Management acquired 2,777,777 shares for $9.00 each, increasing their ownership stake to 9,003,418 shares, which reflects a 44.62% increase in ownership.

Vanguard Group Inc. reduced its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,058,338 shares of the technology company's stock after selling 75,042 shares during the period. Vanguard Group Inc. owned about 5.32% of Cogent Biosciences worth $36,289,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Balyasny Asset Management L.P. boosted its position in shares of Cogent Biosciences by 8.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock valued at $162,000 after acquiring an additional 1,687 shares in the last quarter. Arizona State Retirement System lifted its holdings in Cogent Biosciences by 18.0% during the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after purchasing an additional 3,142 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in Cogent Biosciences by 6.3% during the 4th quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock valued at $443,000 after purchasing an additional 3,382 shares during the last quarter. Forefront Analytics LLC lifted its holdings in Cogent Biosciences by 37.3% during the 4th quarter. Forefront Analytics LLC now owns 13,760 shares of the technology company's stock valued at $107,000 after purchasing an additional 3,739 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cogent Biosciences by 7.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,582 shares of the technology company's stock valued at $456,000 after purchasing an additional 3,831 shares during the last quarter.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT remained flat at $12.08 during trading on Monday. 1,060,778 shares of the company's stock were exchanged, compared to its average volume of 1,205,397. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $12.97. The stock has a market cap of $1.38 billion, a PE ratio of -6.79 and a beta of 0.35. The business's 50 day moving average is $10.85 and its 200 day moving average is $7.69.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported ($0.53) earnings per share for the quarter, topping analysts' consensus estimates of ($0.55) by $0.02. As a group, equities analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on COGT shares. Robert W. Baird lifted 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. Wedbush reissued a "neutral" rating and set a $10.00 price target on shares of Cogent Biosciences in a report on Monday, June 30th. Citigroup lifted their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a report on Friday, July 18th. Guggenheim lifted their price target on shares of Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a report on Monday, August 25th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Cogent Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Insider Buying and Selling at Cogent Biosciences

In other Cogent Biosciences news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was acquired at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the purchase, the director directly owned 9,003,418 shares in the company, valued at approximately $81,030,762. This represents a 44.62% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 7.29% of the stock is currently owned by company insiders.

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.