Wellington Management Group LLP Sells 26,549 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Wellington Management Group LLP has decreased its investment in Cogent Biosciences, lowering its holdings by 9.3% in the first quarter, now owning approximately 0.23% of the company with a value of $1.5 million.
• Several institutional investors have increased their stakes in Cogent Biosciences, including Paradigm Biocapital Advisors, which boosted its holdings by 6.7%, and Octagon Capital Advisors, which increased theirs by 111.7% in the fourth quarter.
• Cogent Biosciences reported an earnings per share of ($0.53) for the last quarter, exceeding analysts' expectations, and analysts have an average price target of $19.00 with a "Moderate Buy" rating.

Wellington Management Group LLP cut its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 9.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 258,301 shares of the technology company's stock after selling 26,549 shares during the period. Wellington Management Group LLP owned 0.23% of Cogent Biosciences worth $1,547,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Paradigm Biocapital Advisors LP increased its position in Cogent Biosciences by 6.7% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,917,412 shares of the technology company's stock valued at $38,356,000 after purchasing an additional 307,650 shares during the period. Octagon Capital Advisors LP increased its position in shares of Cogent Biosciences by 111.7% during the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after buying an additional 1,458,000 shares during the period. Northern Trust Corp raised its stake in Cogent Biosciences by 7.7% in the fourth quarter. Northern Trust Corp now owns 912,713 shares of the technology company's stock worth $7,119,000 after buying an additional 65,415 shares in the last quarter. Woodline Partners LP lifted its holdings in Cogent Biosciences by 2.1% in the fourth quarter. Woodline Partners LP now owns 613,165 shares of the technology company's stock worth $4,783,000 after buying an additional 12,589 shares during the period. Finally, Algert Global LLC boosted its position in Cogent Biosciences by 53.5% during the 1st quarter. Algert Global LLC now owns 528,262 shares of the technology company's stock valued at $3,164,000 after acquiring an additional 184,027 shares in the last quarter.

Analyst Upgrades and Downgrades

COGT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Raymond James Financial initiated coverage on Cogent Biosciences in a report on Tuesday. They issued a "strong-buy" rating and a $30.00 price objective for the company. Citigroup raised their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wedbush restated a "neutral" rating and set a $10.00 target price on shares of Cogent Biosciences in a report on Monday, June 30th. Finally, Jefferies Financial Group lifted their price target on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.00.

Cogent Biosciences Trading Down 1.3%

NASDAQ:COGT traded down $0.17 on Thursday, reaching $12.92. 375,452 shares of the stock traded hands, compared to its average volume of 1,927,030. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -7.26 and a beta of 0.35. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $13.50. The company's fifty day simple moving average is $11.06 and its 200 day simple moving average is $7.76.

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

Insider Buying and Selling

In other Cogent Biosciences news, Director Fairmount Funds Management Llc bought 2,777,777 shares of Cogent Biosciences stock in a transaction on Thursday, July 10th. The stock was acquired at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the acquisition, the director owned 9,003,418 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed 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.