Cogent Biosciences (NASDAQ:COGT) Shares Gap Down Following Insider Selling

Cogent Biosciences, Inc. (NASDAQ:COGT) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $37.12, but opened at $35.75. Cogent Biosciences shares last traded at $35.7110, with a volume of 816,135 shares.

Specifically, insider John Edward Robinson sold 90,000 shares of Cogent Biosciences stock in a transaction on Friday, December 26th. The shares were sold at an average price of $38.74, for a total value of $3,486,600.00. Following the sale, the insider owned 140,002 shares of the company’s stock, valued at approximately $5,423,677.48. This trade represents a 39.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jessica Sachs sold 82,642 shares of the company’s stock in a transaction on Friday, December 26th. The stock was sold at an average price of $38.70, for a total transaction of $3,198,245.40. Following the transaction, the insider owned 133,938 shares of the company’s stock, valued at $5,183,400.60. This represents a 38.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In other news, insider Evan Kearns sold 65,000 shares of Cogent Biosciences stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $38.70, for a total value of $2,515,500.00. Following the sale, the insider owned 109,398 shares in the company, valued at $4,233,702.60. This trade represents a 37.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several analysts recently commented on COGT shares. Wall Street Zen upgraded Cogent Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, December 20th. Raymond James Financial initiated coverage on shares of Cogent Biosciences in a report on Tuesday, September 2nd. They set a “strong-buy” rating and a $30.00 target price for the company. Jefferies Financial Group reiterated a “buy” rating and issued a $48.00 target price on shares of Cogent Biosciences in a research report on Monday, December 8th. JPMorgan Chase & Co. boosted their price target on shares of Cogent Biosciences to $67.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a report on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.82.

Cogent Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.38 and a current ratio of 6.38. The firm’s 50-day moving average price is $32.14 and its two-hundred day moving average price is $19.03. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -21.78 and a beta of 0.49.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Monday, November 3rd. The technology company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.04. On average, analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Candriam S.C.A. purchased a new position in shares of Cogent Biosciences during the 2nd quarter worth $3,068,000. Goldman Sachs Group Inc. raised its holdings in Cogent Biosciences by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock valued at $5,924,000 after buying an additional 124,069 shares during the period. Ensign Peak Advisors Inc lifted its position in Cogent Biosciences by 162.0% in the second quarter. Ensign Peak Advisors Inc now owns 49,325 shares of the technology company’s stock valued at $354,000 after buying an additional 30,500 shares during the last quarter. F m Investments LLC purchased a new position in Cogent Biosciences during the second quarter worth about $862,000. Finally, Exome Asset Management LLC purchased a new position in Cogent Biosciences during the first quarter worth about $3,724,000.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.