Woodline Partners LP Buys 1,074,375 Shares of 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 Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 175.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,687,540 shares of the technology company's stock after purchasing an additional 1,074,375 shares during the period. Woodline Partners LP owned approximately 1.48% of Cogent Biosciences worth $10,108,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Paradigm Biocapital Advisors LP raised its holdings in Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after buying an additional 4,046,243 shares during the period. Vestal Point Capital LP bought a new position in Cogent Biosciences during the first quarter valued at $17,970,000. Exome Asset Management LLC bought a new position in Cogent Biosciences during the first quarter valued at $3,724,000. Nuveen LLC purchased a new stake in shares of Cogent Biosciences in the first quarter valued at $1,401,000. Finally, Knott David M Jr bought a new stake in shares of Cogent Biosciences in the 1st quarter worth about $1,278,000.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Leerink Partners increased their price objective on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday, July 7th. HC Wainwright cut their target price 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. Guggenheim boosted their price objective on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a report on Monday, August 25th. Citigroup increased their target price on Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

Insider Buying and Selling at Cogent Biosciences

In other Cogent Biosciences news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were purchased at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the purchase, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 7.29% of the company's stock.

Cogent Biosciences Trading Down 2.0%

Shares of COGT traded down $0.25 during midday trading on Monday, reaching $12.41. 873,606 shares of the stock were exchanged, compared to its average volume of 1,936,508. The company has a market capitalization of $1.41 billion, a P/E ratio of -6.97 and a beta of 0.35. Cogent Biosciences, Inc. has a 52 week low of $3.72 and a 52 week high of $13.50. The company's 50 day moving average is $11.83 and its two-hundred day moving average is $8.02.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.02. On average, sell-side analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

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.