Geode Capital Management LLC Buys 300,062 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Geode Capital Management LLC grew its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 15.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,280,793 shares of the technology company's stock after purchasing an additional 300,062 shares during the period. Geode Capital Management LLC owned about 2.08% of Cogent Biosciences worth $24,638,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences during the third quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cogent Biosciences by 38.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company's stock worth $43,000 after acquiring an additional 1,104 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of Cogent Biosciences in the 3rd quarter worth $76,000. Quest Partners LLC purchased a new stake in shares of Cogent Biosciences in the second quarter valued at about $89,000. Finally, SkyView Investment Advisors LLC raised its holdings in shares of Cogent Biosciences by 25.0% in the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company's stock valued at $105,000 after purchasing an additional 2,500 shares during the last quarter.

Cogent Biosciences Price Performance

Shares of NASDAQ COGT traded down $0.13 during trading on Friday, reaching $7.74. 926,149 shares of the stock traded hands, compared to its average volume of 1,455,187. The company has a 50-day moving average of $9.68 and a 200-day moving average of $9.75. Cogent Biosciences, Inc. has a 52-week low of $4.28 and a 52-week high of $12.61. The stock has a market capitalization of $854.98 million, a P/E ratio of -3.12 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.07). During the same period in the previous year, the company posted ($0.64) EPS. Analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COGT. HC Wainwright reaffirmed a "buy" rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. Robert W. Baird upped their target price on Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, September 5th. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, November 14th. Wedbush reaffirmed a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Finally, Citigroup boosted their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Tuesday, September 24th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $14.83.

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.