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 changing hands.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on COGT. Wall Street Zen raised Cogent Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, December 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Cogent Biosciences in a research note on Monday. Wedbush upgraded shares of Cogent Biosciences from a “neutral” rating to an “outperform” rating and set a $38.00 target price on the stock in a research note on Monday, November 10th. HC Wainwright lifted their target price on shares of Cogent Biosciences from $21.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Finally, Robert W. Baird upped their price target on shares of Cogent Biosciences from $14.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.82.

Cogent Biosciences Price Performance

The stock’s 50-day moving average price is $32.97 and its 200 day moving average price is $19.26. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of -21.66 and a beta of 0.51. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.23.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Monday, November 3rd. The technology company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.04. Equities research analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

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

About Cogent Biosciences

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.