Geode Capital Management LLC Purchases 300,062 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Geode Capital Management LLC raised its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 15.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,280,793 shares of the technology company’s stock after acquiring an additional 300,062 shares during the period. Geode Capital Management LLC owned approximately 2.08% of Cogent Biosciences worth $24,638,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Barclays PLC raised its holdings in Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock worth $1,897,000 after purchasing an additional 97,541 shares during the period. Nomura Asset Management Co. Ltd. bought a new position in shares of Cogent Biosciences during the third quarter worth about $488,000. Wellington Management Group LLP raised its holdings in shares of Cogent Biosciences by 8.0% in the third quarter. Wellington Management Group LLP now owns 342,323 shares of the technology company’s stock valued at $3,697,000 after purchasing an additional 25,470 shares during the last quarter. Cinctive Capital Management LP lifted its position in Cogent Biosciences by 91.6% during the 3rd quarter. Cinctive Capital Management LP now owns 330,419 shares of the technology company’s stock worth $3,569,000 after buying an additional 157,969 shares in the last quarter. Finally, Verition Fund Management LLC raised its holdings in Cogent Biosciences by 7.5% during the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock worth $337,000 after acquiring an additional 2,176 shares in the last quarter.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT opened at $7.74 on Friday. The company has a market capitalization of $854.98 million, a P/E ratio of -3.12 and a beta of 1.70. The company’s 50 day moving average price is $9.68 and its 200-day moving average price is $9.74. Cogent Biosciences, Inc. has a 52-week low of $4.28 and a 52-week high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last year, the business posted ($0.64) EPS. Analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on COGT shares. 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. Citigroup increased their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. upped their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Wedbush reissued a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

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.