Springhill Fund Asset Management HK Co Ltd Buys Shares of 548,554 Cogent Biosciences, Inc. (NASDAQ:COGT)

Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 548,554 shares of the technology company’s stock, valued at approximately $4,279,000. Cogent Biosciences makes up 6.9% of Springhill Fund Asset Management HK Co Ltd’s portfolio, making the stock its 7th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of COGT. Verition Fund Management LLC boosted its stake in Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after acquiring an additional 2,176 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Cogent Biosciences by 10.5% in the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after purchasing an additional 2,200 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Cogent Biosciences by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock valued at $183,000 after purchasing an additional 2,371 shares during the period. Teacher Retirement System of Texas raised its holdings in Cogent Biosciences by 15.4% in the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company’s stock worth $140,000 after purchasing an additional 2,396 shares during the period. Finally, NEOS Investment Management LLC boosted its position in shares of Cogent Biosciences by 10.9% during the fourth quarter. NEOS Investment Management LLC now owns 51,926 shares of the technology company’s stock worth $405,000 after purchasing an additional 5,111 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on COGT. Scotiabank started coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price objective for the company. HC Wainwright lowered their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Robert W. Baird cut their price target on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Wedbush reiterated a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Finally, Piper Sandler upgraded shares of Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.43.

Cogent Biosciences Stock Performance

Shares of COGT stock opened at $4.77 on Friday. The firm’s 50-day simple moving average is $7.58 and its two-hundred day simple moving average is $8.93. Cogent Biosciences, Inc. has a 52 week low of $4.62 and a 52 week high of $12.61. The firm has a market cap of $543.06 million, a price-to-earnings ratio of -1.92 and a beta of 1.67.

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 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.