Point72 Asset Management L.P. Lowers Position in Cogent Biosciences, Inc. (NASDAQ:COGT)

Point72 Asset Management L.P. lowered its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 48.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,347,302 shares of the technology company's stock after selling 5,123,096 shares during the quarter. Point72 Asset Management L.P. owned approximately 4.84% of Cogent Biosciences worth $41,709,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC purchased a new position in Cogent Biosciences in the fourth quarter valued at about $78,000. Hsbc Holdings PLC purchased a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $81,000. KLP Kapitalforvaltning AS bought a new stake in shares of Cogent Biosciences in the 4th quarter worth approximately $88,000. E Fund Management Co. Ltd. purchased a new position in Cogent Biosciences in the fourth quarter valued at approximately $89,000. Finally, Proficio Capital Partners LLC bought a new position in Cogent Biosciences during the fourth quarter valued at $93,000.

Cogent Biosciences Stock Performance

NASDAQ COGT traded up $0.10 during trading hours on Monday, hitting $4.98. The company had a trading volume of 705,477 shares, compared to its average volume of 1,257,197. The firm has a market capitalization of $567.00 million, a price-to-earnings ratio of -2.01 and a beta of 1.91. Cogent Biosciences, Inc. has a 52 week low of $3.72 and a 52 week high of $12.61. The firm has a 50 day simple moving average of $5.42 and a 200 day simple moving average of $7.46.

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

Analyst Upgrades and Downgrades

COGT has been the topic of several research reports. Piper Sandler upgraded Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Scotiabank assumed coverage on Cogent Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 price objective on the stock. Wedbush reaffirmed a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Finally, Robert W. Baird lowered their price target on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.29.

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.