Cogent Biosciences, Inc. $COGT Stock Position Lessened by XTX Topco Ltd

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

Other large investors have also made changes to their positions in the company. CWM LLC grew its stake in shares of 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 buying an additional 8,665 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Cogent Biosciences in the 4th quarter worth approximately $78,000. Hsbc Holdings PLC acquired a new stake in Cogent Biosciences during the 4th quarter valued at $81,000. Tower Research Capital LLC TRC grew its stake in shares of Cogent Biosciences by 1,911.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 12,167 shares of the technology company's stock valued at $95,000 after acquiring an additional 11,562 shares in the last quarter. Finally, Forefront Analytics LLC grew its stake in Cogent Biosciences by 37.3% during the 4th 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 in the last quarter.

Cogent Biosciences Price Performance

Shares of NASDAQ COGT traded down $0.36 during mid-day trading on Tuesday, hitting $11.76. The company had a trading volume of 92,504 shares, compared to its average volume of 1,975,221. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $12.97. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -6.60 and a beta of 0.36. The firm's 50 day simple moving average is $9.91 and its two-hundred day simple moving average is $7.46.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.02. Equities analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COGT. Citigroup upped their target price on Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. increased their price objective on shares of Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wedbush reissued a "neutral" rating and issued a $10.00 target price on shares of Cogent Biosciences in a research report on Monday, June 30th. HC Wainwright lowered their price objective on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, Jefferies Financial Group upped their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.70.

Insiders Place Their Bets

In other 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 purchased at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the purchase, the director directly owned 9,003,418 shares of the company's stock, valued at approximately $81,030,762. This trade represents a 44.62% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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.