Redmile Group LLC Has $26.63 Million Stake in Cogent Biosciences, Inc. (NASDAQ:COGT)

Redmile Group LLC raised its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 36.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,962,602 shares of the technology company’s stock after buying an additional 1,048,580 shares during the period. Redmile Group LLC owned 4.14% of Cogent Biosciences worth $26,629,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AJOVista LLC bought a new position in shares of Cogent Biosciences in the 4th quarter valued at approximately $45,000. China Universal Asset Management Co. Ltd. raised its position in shares of Cogent Biosciences by 355.0% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,961 shares of the technology company’s stock valued at $59,000 after purchasing an additional 7,772 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Cogent Biosciences by 234.5% in the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after buying an additional 7,020 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Cogent Biosciences during the 4th quarter worth $70,000. Finally, NEOS Investment Management LLC acquired a new position in Cogent Biosciences in the 4th quarter valued at $76,000.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wedbush reissued a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a research report on Friday, May 24th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a research report on Thursday, June 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $19.00 target price on shares of Cogent Biosciences in a report on Monday, June 17th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Price Performance

Shares of NASDAQ COGT traded down $0.13 during mid-day trading on Monday, hitting $9.39. The company had a trading volume of 321,201 shares, compared to its average volume of 1,648,745. Cogent Biosciences, Inc. has a 12 month low of $3.67 and a 12 month high of $13.36. The firm has a market cap of $897.78 million, a P/E ratio of -3.79 and a beta of 1.71. The business’s 50-day simple moving average is $8.61 and its 200-day simple moving average is $7.29.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). As a group, sell-side analysts predict that Cogent Biosciences, Inc. will post -2.19 EPS for the current year.

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.