Platinum Investment Management Ltd. Boosts Stock Position in Cogent Biosciences, Inc. $COGT

Platinum Investment Management Ltd. grew its stake in Cogent Biosciences, Inc. (NASDAQ:COGT) by 63.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 219,504 shares of the technology company’s stock after purchasing an additional 85,594 shares during the period. Platinum Investment Management Ltd. owned approximately 0.19% of Cogent Biosciences worth $1,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in COGT. Strs Ohio purchased a new position in Cogent Biosciences in the first quarter worth approximately $36,000. CWM LLC grew its position in Cogent Biosciences by 11,869.9% in the first quarter. CWM LLC now owns 8,738 shares of the technology company’s stock worth $52,000 after acquiring an additional 8,665 shares during the period. E Fund Management Co. Ltd. grew its position in Cogent Biosciences by 37.7% in the first quarter. E Fund Management Co. Ltd. now owns 15,670 shares of the technology company’s stock worth $94,000 after acquiring an additional 4,290 shares during the period. Ieq Capital LLC purchased a new position in Cogent Biosciences in the first quarter worth approximately $101,000. Finally, AlphaQuest LLC grew its position in Cogent Biosciences by 134.0% in the first quarter. AlphaQuest LLC now owns 18,750 shares of the technology company’s stock worth $112,000 after acquiring an additional 10,738 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Leerink Partners increased their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Monday, July 7th. Citigroup increased their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Guggenheim increased their price objective on Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Finally, JPMorgan Chase & Co. raised their price target on Cogent Biosciences from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Cogent Biosciences Stock Down 1.6%

COGT opened at $14.13 on Thursday. Cogent Biosciences, Inc. has a 52 week low of $3.72 and a 52 week high of $14.54. The business has a fifty day simple moving average of $12.29 and a 200-day simple moving average of $8.53. The firm has a market cap of $1.61 billion, a P/E ratio of -7.94 and a beta of 0.30.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.02. Sell-side analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Insider Activity

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of Cogent Biosciences stock in a transaction dated Thursday, July 10th. The shares were acquired at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the purchase, the director owned 9,003,418 shares in the company, valued at approximately $81,030,762. The trade was a 44.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.29% of the company’s stock.

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.