Bank of New York Mellon Corp Trims Position in Cogent Biosciences, Inc. (NASDAQ:COGT)

Bank of New York Mellon Corp reduced its position in Cogent Biosciences, Inc. (NASDAQ:COGT) by 0.8% in the 1st quarter, Holdings Channel reports. The fund owned 256,600 shares of the technology company’s stock after selling 2,166 shares during the period. Bank of New York Mellon Corp’s holdings in Cogent Biosciences were worth $1,537,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. FMR LLC lifted its holdings in shares of Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock worth $129,240,000 after acquiring an additional 8,249,845 shares during the period. Vanguard Group Inc. raised its stake in Cogent Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company’s stock worth $47,840,000 after purchasing an additional 418,975 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in shares of Cogent Biosciences by 6.7% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,917,412 shares of the technology company’s stock valued at $38,356,000 after purchasing an additional 307,650 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in Cogent Biosciences by 5.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company’s stock valued at $33,540,000 after acquiring an additional 233,966 shares during the period. Finally, Octagon Capital Advisors LP increased its stake in Cogent Biosciences by 111.7% during the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock worth $21,551,000 after acquiring an additional 1,458,000 shares during the last quarter.

Cogent Biosciences Stock Performance

Shares of COGT opened at $11.84 on Wednesday. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $12.97. The stock has a 50-day moving average price of $8.23 and a 200 day moving average price of $7.17. The company has a market capitalization of $1.35 billion, a P/E ratio of -6.43 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.04. As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the company’s stock in a transaction dated Thursday, July 10th. The stock was bought at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the transaction, the director owned 9,003,418 shares of the company’s stock, valued at approximately $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 7.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Cogent Biosciences from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Wedbush restated a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a report on Monday, June 30th. Guggenheim reaffirmed a “buy” rating and set a $17.00 price target on shares of Cogent Biosciences in a research report on Tuesday, July 8th. Citigroup increased their price target on Cogent Biosciences from $15.00 to $22.00 and gave the company a “buy” rating in a report on Friday, July 18th. Finally, Jefferies Financial Group boosted their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.70.

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.