Octagon Capital Advisors LP Acquires 1,458,000 Shares of Cogent Biosciences, Inc. (NASDAQ:COGT)

Octagon Capital Advisors LP increased its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 111.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,763,000 shares of the technology company’s stock after buying an additional 1,458,000 shares during the period. Cogent Biosciences comprises approximately 3.5% of Octagon Capital Advisors LP’s investment portfolio, making the stock its 8th largest holding. Octagon Capital Advisors LP’s holdings in Cogent Biosciences were worth $21,551,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Cogent Biosciences by 99.2% in 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 during the period. SG Americas Securities LLC boosted its stake in shares of Cogent Biosciences by 2,865.3% during the 4th 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 in the last quarter. Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Cogent Biosciences in the 4th quarter worth about $4,279,000. Vanguard Group Inc. raised its position in shares of Cogent Biosciences by 7.3% during the 4th 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 during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Cogent Biosciences by 466.6% in 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 last quarter.

Analysts Set New Price Targets

Several research firms recently issued reports on COGT. Scotiabank started coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 target price on the stock. HC Wainwright dropped their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Finally, Wedbush reiterated a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.29.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT opened at $5.13 on Tuesday. The firm’s 50 day simple moving average is $5.60 and its 200 day simple moving average is $7.65. Cogent Biosciences, Inc. has a fifty-two week low of $3.72 and a fifty-two week high of $12.61. The company has a market capitalization of $584.08 million, a price-to-earnings ratio of -2.07 and a beta of 1.91.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.04. Equities research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

About Cogent Biosciences

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.