Cogent Biosciences, Inc. (NASDAQ:COGT – Free Report) – Investment analysts at Lifesci Capital raised their Q3 2023 earnings per share (EPS) estimates for Cogent Biosciences in a research note issued to investors on Tuesday, August 8th. Lifesci Capital analyst S. Slutsky now forecasts that the technology company will post earnings of ($0.41) per share for the quarter, up from their previous forecast of ($0.48). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.12) per share. Lifesci Capital also issued estimates for Cogent Biosciences’ Q4 2023 earnings at ($0.37) EPS and FY2023 earnings at ($1.87) EPS.
Cogent Biosciences (NASDAQ:COGT – Get Free Report) last announced its quarterly earnings data on Tuesday, May 9th. The technology company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.04.
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Cogent Biosciences Stock Down 0.2 %
Shares of NASDAQ:COGT opened at $12.00 on Friday. Cogent Biosciences has a 52-week low of $9.65 and a 52-week high of $18.07. The stock has a market cap of $1.03 billion, a P/E ratio of -5.48 and a beta of 1.65. The business’s 50 day moving average is $12.22 and its 200 day moving average is $12.13.
Hedge Funds Weigh In On Cogent Biosciences
A number of institutional investors and hedge funds have recently modified their holdings of the company. ExodusPoint Capital Management LP purchased a new position in Cogent Biosciences during the fourth quarter worth about $4,666,000. Vivo Capital LLC grew its position in shares of Cogent Biosciences by 5.9% in the fourth quarter. Vivo Capital LLC now owns 1,994,941 shares of the technology company’s stock valued at $23,062,000 after purchasing an additional 111,000 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Cogent Biosciences in the fourth quarter valued at approximately $169,000. UBS Group AG grew its position in shares of Cogent Biosciences by 565.2% in the fourth quarter. UBS Group AG now owns 217,084 shares of the technology company’s stock valued at $2,509,000 after purchasing an additional 184,452 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Cogent Biosciences by 29.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,768 shares of the technology company’s stock valued at $344,000 after purchasing an additional 6,801 shares during the last quarter.
Insider Activity
In other news, major shareholder Fairmount Funds Management Llc bought 800,000 shares of the business’s stock in a transaction on Friday, June 9th. The shares were bought at an average price of $12.00 per share, with a total value of $9,600,000.00. Following the completion of the transaction, the insider now directly owns 3,272,124 shares in the company, valued at $39,265,488. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.10% of the company’s stock.
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 exon 17 mutations found within the 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.
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