Y Intercept Hong Kong Ltd Sells 31,538 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Y Intercept Hong Kong Ltd reduced its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 42.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,499 shares of the technology company's stock after selling 31,538 shares during the period. Y Intercept Hong Kong Ltd's holdings in Cogent Biosciences were worth $261,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Teacher Retirement System of Texas boosted its holdings in Cogent Biosciences by 15.4% in the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock worth $140,000 after purchasing an additional 2,396 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Cogent Biosciences in the fourth quarter worth $88,000. Vanguard Group Inc. boosted its holdings in Cogent Biosciences by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company's stock worth $47,840,000 after purchasing an additional 418,975 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Cogent Biosciences by 466.6% in the fourth quarter. Alliancebernstein L.P. now owns 464,942 shares of the technology company's stock worth $3,627,000 after purchasing an additional 382,882 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Cogent Biosciences by 28.3% during the 4th quarter. Franklin Resources Inc. now owns 1,283,673 shares of the technology company's stock worth $10,013,000 after acquiring an additional 283,506 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Guggenheim reissued a "buy" rating and set a $17.00 target price on shares of Cogent Biosciences in a research report on Tuesday, July 8th. Jefferies Financial Group boosted their target price on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Citigroup boosted their target price on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. HC Wainwright boosted their target price on shares of Cogent Biosciences from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Leerink Partners boosted their target price 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. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $18.70.

Cogent Biosciences Price Performance

Shares of COGT traded down $0.02 on Friday, reaching $11.40. 1,474,464 shares of the stock traded hands, compared to its average volume of 4,799,851. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $12.97. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -6.20 and a beta of 0.35. The stock's 50-day moving average price is $8.62 and its 200-day moving average price is $7.25.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.04. As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Transactions at Cogent Biosciences

In other Cogent Biosciences news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was purchased at an average price 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 approximately $81,030,762. This trade represents a 44.62% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.29% of the stock is owned by company insiders.

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.