Fmr LLC Buys 8,249,845 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

FMR LLC lifted its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 99.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,569,256 shares of the technology company's stock after buying an additional 8,249,845 shares during the quarter. FMR LLC owned about 15.00% of Cogent Biosciences worth $129,240,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake in Cogent Biosciences by 8.0% during the third quarter. Wellington Management Group LLP now owns 342,323 shares of the technology company's stock worth $3,697,000 after acquiring an additional 25,470 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Cogent Biosciences in the 3rd quarter valued at about $488,000. Barclays PLC grew its stake in shares of Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company's stock valued at $1,897,000 after buying an additional 97,541 shares during the period. Geode Capital Management LLC increased its position in Cogent Biosciences by 15.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company's stock valued at $24,638,000 after buying an additional 300,062 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Cogent Biosciences during the third quarter valued at approximately $147,000.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. HC Wainwright reduced their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Scotiabank began coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 target price on the stock. Finally, Wedbush reiterated a "neutral" rating and set a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday, February 25th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $14.43.

Cogent Biosciences Stock Up 2.3 %

Cogent Biosciences stock traded up $0.10 during mid-day trading on Friday, reaching $4.37. 1,130,426 shares of the company's stock were exchanged, compared to its average volume of 1,267,482. The firm has a market capitalization of $497.52 million, a PE ratio of -1.76 and a beta of 1.67. The business's fifty day simple moving average is $6.54 and its 200 day simple moving average is $8.47. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $12.61.

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.