Point72 Asset Management L.P. Reduces Stock Position in Cogent Biosciences, Inc. (NASDAQ:COGT)

Point72 Asset Management L.P. lowered its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 48.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,347,302 shares of the technology company’s stock after selling 5,123,096 shares during the quarter. Point72 Asset Management L.P. owned 4.84% of Cogent Biosciences worth $41,709,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of COGT. Schonfeld Strategic Advisors LLC bought a new stake in Cogent Biosciences during the 4th quarter valued at about $78,000. Hsbc Holdings PLC purchased a new position in Cogent Biosciences during the 4th quarter worth $81,000. KLP Kapitalforvaltning AS purchased a new position in Cogent Biosciences during the 4th quarter worth $88,000. E Fund Management Co. Ltd. purchased a new position in Cogent Biosciences during the 4th quarter worth $89,000. Finally, Proficio Capital Partners LLC purchased a new position in Cogent Biosciences during the 4th quarter worth $93,000.

Cogent Biosciences Trading Down 2.3%

NASDAQ COGT opened at $4.77 on Friday. The firm’s fifty day simple moving average is $5.46 and its two-hundred day simple moving average is $7.57. Cogent Biosciences, Inc. has a 12-month low of $3.72 and a 12-month high of $12.61. The firm has a market capitalization of $543.09 million, a P/E ratio of -1.92 and a beta of 1.91.

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Piper Sandler upgraded shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Wedbush reiterated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Scotiabank initiated coverage on Cogent Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 target price for the company. Finally, Robert W. Baird cut their price target on Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.29.

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.