Panagora Asset Management Inc. Decreases Holdings in Cogent Biosciences, Inc. (NASDAQ:COGT)

Panagora Asset Management Inc. lowered its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 19.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 246,333 shares of the technology company's stock after selling 60,912 shares during the period. Panagora Asset Management Inc. owned 0.26% of Cogent Biosciences worth $2,077,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AJOVista LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter valued at approximately $45,000. Russell Investments Group Ltd. increased its holdings in shares of Cogent Biosciences by 234.5% in the 1st quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company's stock worth $67,000 after purchasing an additional 7,020 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Cogent Biosciences in the 4th quarter worth $70,000. NEOS Investment Management LLC bought a new stake in shares of Cogent Biosciences in the fourth quarter worth $76,000. Finally, E Fund Management Co. Ltd. purchased a new stake in Cogent Biosciences during the fourth quarter valued at $91,000.

Analysts Set New Price Targets

COGT has been the topic of several research reports. Needham & Company LLC reissued a "buy" rating and issued a $18.00 target price on shares of Cogent Biosciences in a research report on Wednesday, August 7th. HC Wainwright restated a "buy" rating and set a $19.00 target price on shares of Cogent Biosciences in a research report on Monday, June 17th. JPMorgan Chase & Co. reduced their target price on shares of Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Finally, Wedbush reiterated a "neutral" rating and set a $10.00 price target on shares of Cogent Biosciences in a research note on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.50.

Cogent Biosciences Trading Up 4.5 %

Cogent Biosciences stock traded up $0.46 during midday trading on Friday, hitting $10.74. The stock had a trading volume of 770,783 shares, compared to its average volume of 1,527,279. Cogent Biosciences, Inc. has a 52-week low of $3.67 and a 52-week high of $13.23. The company has a market capitalization of $1.03 billion, a PE ratio of -4.33 and a beta of 1.71. The firm's fifty day moving average is $9.15 and its two-hundred day moving average is $8.03.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). During the same period in the previous year, the company earned ($0.59) earnings per share. As a group, equities research analysts predict that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current fiscal 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.