Bank of New York Mellon Corp Buys 45,770 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Bank of New York Mellon Corp lifted its stake in Cogent Biosciences, Inc. (NASDAQ:COGT) by 16.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 326,584 shares of the technology company’s stock after purchasing an additional 45,770 shares during the period. Bank of New York Mellon Corp owned 0.34% of Cogent Biosciences worth $2,753,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. bought a new position in shares of Cogent Biosciences in the 2nd quarter worth $1,077,000. Farallon Capital Management LLC lifted its holdings in Cogent Biosciences by 2,617.6% during the first quarter. Farallon Capital Management LLC now owns 462,000 shares of the technology company’s stock worth $3,105,000 after acquiring an additional 445,000 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Cogent Biosciences by 15.8% during the first quarter. California State Teachers Retirement System now owns 64,351 shares of the technology company’s stock worth $432,000 after acquiring an additional 8,804 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Cogent Biosciences by 12,785.8% during the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after acquiring an additional 2,083,065 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its holdings in Cogent Biosciences by 120.3% during the first quarter. Kennedy Capital Management LLC now owns 705,631 shares of the technology company’s stock worth $4,742,000 after acquiring an additional 385,315 shares in the last quarter.

Cogent Biosciences Price Performance

COGT opened at $10.63 on Monday. The business’s 50-day moving average price is $9.62 and its two-hundred day moving average price is $8.20. Cogent Biosciences, Inc. has a 1 year low of $3.67 and a 1 year high of $12.14. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -4.29 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter last year, the business earned ($0.59) earnings per share. Sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

COGT has been the topic of several recent analyst reports. Robert W. Baird lifted their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. HC Wainwright reduced their target price on Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Wedbush reiterated a “neutral” rating and set a $11.00 target price (up from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.67.

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.