XTX Topco Ltd Cuts Stake in Cogent Biosciences, Inc. (NASDAQ:COGT)

Key Points

• XTX Topco Ltd has reduced its stake in Cogent Biosciences, Inc. by 64.0%, now holding 21,072 shares valued at approximately $126,000.
• Insider Director Fairmount Funds Management LLC purchased 2,777,777 shares at $9.00 each, increasing their stake in the company by 44.62%.
• Analyst ratings for Cogent Biosciences are generally positive, with a consensus average price target of $18.70 and multiple analysts giving "buy" ratings.

XTX Topco Ltd lowered its position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 64.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,072 shares of the technology company's stock after selling 37,488 shares during the quarter. XTX Topco Ltd's holdings in Cogent Biosciences were worth $126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC lifted its position in Cogent Biosciences by 11,869.9% in the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after purchasing an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Cogent Biosciences in the fourth quarter valued at approximately $78,000. Hsbc Holdings PLC bought a new stake in Cogent Biosciences in the fourth quarter valued at approximately $81,000. Tower Research Capital LLC TRC lifted its position in Cogent Biosciences by 1,911.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,167 shares of the technology company's stock valued at $95,000 after purchasing an additional 11,562 shares during the last quarter. Finally, Forefront Analytics LLC lifted its position in Cogent Biosciences by 37.3% in the fourth 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.

Insiders Place Their Bets

In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were purchased 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 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

COGT has been the subject of a number of recent analyst reports. Guggenheim restated a "buy" rating and set a $17.00 target price on shares of Cogent Biosciences in a report on Tuesday, July 8th. Leerink Partners upped their target price on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Monday, July 7th. JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. 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, HC Wainwright decreased their target price on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.70.

Cogent Biosciences Stock Down 2.3%

Shares of COGT stock opened at $11.71 on Friday. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -6.58 and a beta of 0.36. The business's fifty day moving average is $9.70 and its 200 day moving average is $7.45. Cogent Biosciences, Inc. has a twelve month low of $3.72 and a twelve month high of $12.97.

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

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.

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