Readystate Asset Management LP Buys Shares of 49,692 Cogent Biosciences, Inc. $COGT

Readystate Asset Management LP purchased a new position in Cogent Biosciences, Inc. (NASDAQ:COGT) in the third quarter, Holdings Channel reports. The fund purchased 49,692 shares of the technology company’s stock, valued at approximately $714,000.

Other hedge funds have also made changes to their positions in the company. Osaic Holdings Inc. raised its stake in shares of Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock valued at $33,000 after acquiring an additional 1,333 shares in the last quarter. Strs Ohio acquired a new position in Cogent Biosciences during the first quarter valued at approximately $36,000. Ameritas Investment Partners Inc. raised its position in shares of Cogent Biosciences by 16.6% in the second quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company’s stock valued at $78,000 after purchasing an additional 1,543 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Cogent Biosciences by 22.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,401 shares of the technology company’s stock worth $78,000 after buying an additional 1,003 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Cogent Biosciences by 25.3% during the 3rd quarter. CWM LLC now owns 5,582 shares of the technology company’s stock worth $80,000 after buying an additional 1,126 shares during the period.

Cogent Biosciences Trading Up 1.9%

Shares of COGT opened at $38.35 on Thursday. The stock’s 50-day moving average price is $37.75 and its 200 day moving average price is $25.85. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of -17.75 and a beta of 0.45. Cogent Biosciences, Inc. has a 12-month low of $3.72 and a 12-month high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Tuesday, February 17th. The technology company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.04). As a group, research analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

COGT has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $48.00 target price on shares of Cogent Biosciences in a report on Monday, December 8th. HC Wainwright lifted their price objective on Cogent Biosciences to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a research note on Monday, December 8th. Piper Sandler raised their target price on Cogent Biosciences from $39.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Leerink Partners upped their price target on Cogent Biosciences from $18.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $40.58.

Insider Buying and Selling at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $36.40, for a total value of $127,400,000.00. Following the sale, the director owned 5,503,418 shares of the company’s stock, valued at $200,324,415.20. The trade was a 38.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Evan Kearns sold 65,000 shares of the firm’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $38.70, for a total transaction of $2,515,500.00. Following the transaction, the insider owned 109,398 shares of the company’s stock, valued at approximately $4,233,702.60. This represents a 37.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,737,642 shares of company stock worth $136,600,345. Corporate insiders own 7.29% of the company’s stock.

Cogent Biosciences Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.