Fmr LLC Has $89.85 Million Holdings in Cogent Biosciences, Inc. (NASDAQ:COGT)

Fmr LLC increased its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 8.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,319,411 shares of the technology company’s stock after purchasing an additional 625,743 shares during the quarter. Fmr LLC owned approximately 7.60% of Cogent Biosciences worth $89,850,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Point72 Asset Management L.P. lifted its position in Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after buying an additional 8,310,150 shares in the last quarter. Vanguard Group Inc. raised its holdings in Cogent Biosciences by 27.1% during the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after acquiring an additional 1,231,050 shares in the last quarter. Deerfield Management Company L.P. Series C raised its holdings in Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after acquiring an additional 2,209,918 shares in the last quarter. Sofinnova Investments Inc. boosted its position in Cogent Biosciences by 15.5% during the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after purchasing an additional 372,515 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after purchasing an additional 139,096 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on COGT shares. Needham & Company LLC decreased their target price on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Robert W. Baird lifted their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, November 12th. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Finally, Citigroup upped their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Stock Down 2.4 %

Shares of NASDAQ:COGT opened at $8.99 on Friday. Cogent Biosciences, Inc. has a 12-month low of $3.67 and a 12-month high of $12.61. The business has a 50 day moving average of $10.62 and a 200-day moving average of $9.73. The stock has a market cap of $993.04 million, a PE ratio of -3.71 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter last year, the company posted ($0.64) earnings per share. Equities research analysts expect that Cogent Biosciences, Inc. will post -2.4 earnings per share for the current year.

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.