Renaissance Technologies LLC Makes New $1.90 Million Investment in Cogent Biosciences, Inc. (NASDAQ:COGT)

Renaissance Technologies LLC bought a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 242,929 shares of the technology company's stock, valued at approximately $1,895,000. Renaissance Technologies LLC owned 0.22% of Cogent Biosciences at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock valued at $129,240,000 after buying an additional 8,249,845 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Cogent Biosciences by 2,865.3% in the fourth quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company's stock worth $7,525,000 after acquiring an additional 932,179 shares during the period. Springhill Fund Asset Management HK Co Ltd bought a new position in shares of Cogent Biosciences in the fourth quarter worth about $4,279,000. Vanguard Group Inc. grew its position in shares of Cogent Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company's stock worth $47,840,000 after purchasing an additional 418,975 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Cogent Biosciences by 466.6% during the 4th quarter. Alliancebernstein L.P. now owns 464,942 shares of the technology company's stock valued at $3,627,000 after purchasing an additional 382,882 shares during the period.

Analyst Upgrades and Downgrades

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

Cogent Biosciences Stock Performance

COGT stock traded up $0.11 during midday trading on Tuesday, reaching $5.02. 1,461,868 shares of the company traded hands, compared to its average volume of 1,265,828. The firm has a market capitalization of $571.56 million, a price-to-earnings ratio of -2.02 and a beta of 1.67. The business has a 50 day moving average of $6.04 and a 200-day moving average of $8.12. Cogent Biosciences, Inc. has a 52-week low of $3.72 and a 52-week 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.