Deerfield Management Company L.P. Series C Grows Holdings in Cogent Biosciences, Inc. (NASDAQ:COGT)

Deerfield Management Company L.P. Series C increased its position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 144.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,744,263 shares of the technology company’s stock after purchasing an additional 2,209,918 shares during the quarter. Deerfield Management Company L.P. Series C owned approximately 3.42% of Cogent Biosciences worth $31,564,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Point72 Asset Management L.P. raised its position in shares of Cogent Biosciences by 124.5% in the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after purchasing an additional 8,310,150 shares during the period. Kynam Capital Management LP grew its stake in Cogent Biosciences by 164.9% in the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock worth $34,426,000 after buying an additional 3,644,641 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Cogent Biosciences by 27.1% in the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock valued at $38,746,000 after purchasing an additional 1,231,050 shares in the last quarter. Finally, Redmile Group LLC boosted its position in Cogent Biosciences by 36.0% during the 1st quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock valued at $26,629,000 after buying an additional 1,048,580 shares during the period.

Analysts Set New Price Targets

Several research analysts have commented on COGT shares. JPMorgan Chase & Co. decreased their price objective 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. HC Wainwright cut their price objective on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Citigroup raised their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday. Wedbush reissued a “neutral” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Cogent Biosciences Price Performance

Cogent Biosciences stock opened at $10.88 on Thursday. The stock has a market cap of $1.19 billion, a P/E ratio of -4.39 and a beta of 1.70. Cogent Biosciences, Inc. has a 1 year low of $3.67 and a 1 year high of $12.14. The firm’s 50 day moving average price is $9.89 and its 200-day moving average price is $8.41.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period in the prior year, the company posted ($0.59) EPS. As a group, equities analysts expect that Cogent Biosciences, Inc. will post -2.25 EPS for the current 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.