Adage Capital Partners GP L.L.C. Raises Stock Holdings in Cogent Biosciences, Inc. (NASDAQ:COGT)

Adage Capital Partners GP L.L.C. raised its holdings in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 5.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,300,000 shares of the technology company's stock after buying an additional 233,966 shares during the period. Adage Capital Partners GP L.L.C. owned about 3.89% of Cogent Biosciences worth $33,540,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in COGT. Hsbc Holdings PLC purchased a new position in Cogent Biosciences during the fourth quarter worth about $81,000. KLP Kapitalforvaltning AS purchased a new position in shares of Cogent Biosciences in the 4th quarter worth approximately $88,000. E Fund Management Co. Ltd. bought a new position in shares of Cogent Biosciences in the fourth quarter valued at approximately $89,000. Proficio Capital Partners LLC bought a new stake in shares of Cogent Biosciences during the 4th quarter worth $93,000. Finally, Tower Research Capital LLC TRC boosted its stake in Cogent Biosciences by 1,911.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,167 shares of the technology company's stock valued at $95,000 after acquiring an additional 11,562 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on COGT shares. Wedbush restated a "neutral" rating and set a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. HC Wainwright dropped their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Robert W. Baird reduced their price objective on Cogent Biosciences from $10.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Piper Sandler raised shares of Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Scotiabank initiated coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price on the stock. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $14.43.

Cogent Biosciences Stock Performance

Shares of COGT traded up $0.27 during mid-day trading on Monday, hitting $4.91. 1,826,125 shares of the company traded hands, compared to its average volume of 1,265,044. The stock has a market cap of $559.03 million, a price-to-earnings ratio of -1.98 and a beta of 1.67. The stock has a 50-day moving average price of $6.10 and a two-hundred day moving average price of $8.16. Cogent Biosciences, Inc. has a 1 year low of $3.72 and a 1 year high of $12.61.

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.