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

Renaissance Technologies LLC bought a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) during the 4th quarter, according to the company in its most recent Form 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 approximately 0.22% of Cogent Biosciences as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Barclays PLC increased its position in shares of Cogent Biosciences by 124.8% during the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after purchasing an additional 300,062 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after purchasing an additional 2,200 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Cogent Biosciences by 9.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock worth $700,000 after buying an additional 5,720 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake 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.

Cogent Biosciences Trading Up 2.9 %

COGT stock opened at $4.64 on Friday. The firm has a 50 day moving average of $6.10 and a 200-day moving average of $8.18. The firm has a market capitalization of $528.26 million, a P/E ratio of -1.87 and a beta of 1.67. Cogent Biosciences, Inc. has a 12 month low of $3.72 and a 12 month high of $12.61.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler raised Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Scotiabank assumed coverage on Cogent Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target for the company. Robert W. Baird lowered their price objective on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. HC Wainwright cut their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Wedbush reiterated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Three investment 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. Based on data from MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Company 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.