Franklin Resources Inc. Raises Stake in Cogent Biosciences, Inc. (NASDAQ:COGT)

Franklin Resources Inc. boosted its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 28.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,283,673 shares of the technology company’s stock after buying an additional 283,506 shares during the quarter. Franklin Resources Inc. owned 1.16% of Cogent Biosciences worth $10,013,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Verition Fund Management LLC raised its holdings in shares of 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 purchasing an additional 2,176 shares during the last quarter. New York State Common Retirement Fund grew its position in Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after purchasing an additional 2,200 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Cogent Biosciences by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock valued at $183,000 after buying an additional 2,371 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Cogent Biosciences by 15.4% in the 4th quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company’s stock valued at $140,000 after buying an additional 2,396 shares during the period. Finally, NEOS Investment Management LLC boosted its stake in shares of Cogent Biosciences by 10.9% in the fourth quarter. NEOS Investment Management LLC now owns 51,926 shares of the technology company’s stock worth $405,000 after buying an additional 5,111 shares during the last quarter.

Analyst Ratings Changes

Several brokerages recently weighed in on COGT. Scotiabank began coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target for the company. Wedbush reaffirmed a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, February 25th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Robert W. Baird dropped their price target on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, HC Wainwright decreased their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.43.

Cogent Biosciences Stock Down 9.6 %

Cogent Biosciences stock opened at $4.14 on Wednesday. The firm has a market cap of $471.34 million, a PE ratio of -1.67 and a beta of 1.67. Cogent Biosciences, Inc. has a 52-week low of $4.11 and a 52-week high of $12.61. The company’s 50 day moving average is $7.31 and its two-hundred day moving average is $8.79.

Cogent Biosciences 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.