Woodline Partners LP Increases Holdings in Cogent Biosciences, Inc. $COGT

Key Points

• Woodline Partners LP significantly increased its stake in Cogent Biosciences by 175.2% during the first quarter, owning approximately 1.48% of the company by the end of the reporting period.
• Multiple institutional investors have also raised their positions in Cogent Biosciences, with Paradigm Biocapital Advisors LP increasing its ownership by 82.3%, holding nearly 9 million shares valued at about $53.7 million.
• The stock opened at $12.81 and has shown strong price performance, with a 1-year range from $3.72 to $13.50, while analysts project an average price target of $20.00.

Woodline Partners LP grew its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 175.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 1,687,540 shares of the technology company's stock after acquiring an additional 1,074,375 shares during the quarter. Woodline Partners LP owned about 1.48% of Cogent Biosciences worth $10,108,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of COGT. Price T Rowe Associates Inc. MD lifted its position in shares of Cogent Biosciences by 12.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 49,643 shares of the technology company's stock valued at $388,000 after acquiring an additional 5,486 shares during the period. Northern Trust Corp lifted its position in shares of Cogent Biosciences by 7.7% during the 4th quarter. Northern Trust Corp now owns 912,713 shares of the technology company's stock valued at $7,119,000 after acquiring an additional 65,415 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cogent Biosciences during the 4th quarter valued at $78,000. Ameriprise Financial Inc. lifted its position in shares of Cogent Biosciences by 78.6% during the 4th quarter. Ameriprise Financial Inc. now owns 21,499 shares of the technology company's stock valued at $168,000 after acquiring an additional 9,459 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in shares of Cogent Biosciences during the 4th quarter valued at $521,000.

Analysts Set New Price Targets

A number of analysts have recently weighed in on COGT shares. Leerink Partners upped their target price on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Guggenheim boosted their price target on Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, August 25th. Wedbush reissued a "neutral" rating and set a $10.00 price target on shares of Cogent Biosciences in a report on Monday, June 30th. Robert W. Baird boosted their price target on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group boosted their price target on Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Two 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 company. Based on data from MarketBeat.com, Cogent Biosciences currently has an average rating of "Moderate Buy" and an average target price of $20.00.

Insider Transactions at Cogent Biosciences

In other news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the firm's stock in a transaction 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 transaction, the director directly owned 9,003,418 shares of the company's stock, valued at $81,030,762. This represents a 44.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.29% of the stock is owned by corporate insiders.

Cogent Biosciences Stock Up 1.1%

NASDAQ:COGT traded up $0.14 on Wednesday, hitting $12.68. The stock had a trading volume of 679,400 shares, compared to its average volume of 1,924,868. Cogent Biosciences, Inc. has a 52 week low of $3.72 and a 52 week high of $13.50. The business's fifty day moving average is $11.95 and its 200 day moving average is $8.08. The company has a market cap of $1.44 billion, a PE ratio of -7.13 and a beta of 0.35.

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

Cogent Biosciences 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.