Vestal Point Capital LP Purchases New Holdings in Cogent Biosciences, Inc. $COGT

Key Points

• Vestal Point Capital LP invested approximately $17.97 million in Cogent Biosciences, purchasing 3 million shares of the biotech company during the first quarter of the year.
• Cogent Biosciences recently reported earnings of ($0.53) per share, beating expectations and showing potential positive growth according to analysts.
• Analysts have increased their price targets for Cogent Biosciences, with estimates now ranging from $9.00 to $30.00, reflecting a consensus rating of "Moderate Buy."

Vestal Point Capital LP purchased a new position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 3,000,000 shares of the technology company's stock, valued at approximately $17,970,000. Cogent Biosciences comprises approximately 1.3% of Vestal Point Capital LP's investment portfolio, making the stock its 27th largest position. Vestal Point Capital LP owned 2.63% of Cogent Biosciences at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC lifted its holdings in Cogent Biosciences by 84.3% during the fourth quarter. Janus Henderson Group PLC now owns 29,073 shares of the technology company's stock worth $227,000 after acquiring an additional 13,300 shares in the last quarter. Fox Run Management L.L.C. lifted its holdings in Cogent Biosciences by 361.3% during the first quarter. Fox Run Management L.L.C. now owns 46,626 shares of the technology company's stock worth $279,000 after acquiring an additional 36,518 shares in the last quarter. Knott David M Jr bought a new position in Cogent Biosciences during the first quarter worth about $1,278,000. Ameriprise Financial Inc. lifted its holdings in Cogent Biosciences by 78.6% during the fourth quarter. Ameriprise Financial Inc. now owns 21,499 shares of the technology company's stock worth $168,000 after acquiring an additional 9,459 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cogent Biosciences by 15.1% during the fourth 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 acquiring an additional 17,741 shares in the last quarter.

Cogent Biosciences Stock Up 0.9%

Shares of NASDAQ:COGT traded up $0.11 during midday trading on Friday, reaching $13.05. The company had a trading volume of 1,846,792 shares, compared to its average volume of 1,167,272. The business's 50 day moving average price is $11.30 and its 200 day moving average price is $7.83. The stock has a market cap of $1.49 billion, a PE ratio of -7.33 and a beta of 0.35. Cogent Biosciences, Inc. has a 1-year low of $3.72 and a 1-year high of $13.50.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly 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. On average, research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. 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 note on Wednesday, August 6th. Leerink Partners lifted their price target on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research note on Monday, July 7th. Wedbush reissued a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Monday, June 30th. Guggenheim lifted their price target on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Finally, JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Insider Activity

In other news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of Cogent Biosciences stock in a transaction dated Thursday, July 10th. The stock was bought at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the acquisition, 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 SEC, which is accessible through the SEC website. 7.29% of the stock is currently owned by corporate insiders.

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.