Cogent Biosciences, Inc. (NASDAQ: COGT) grabbed many eyeballs as an insider trading transaction was executed on Tuesday. Shares of this biotechnology company increased 2.9% to close at $9.46 during the normal trading session on Tuesday, while an additional 1% increase was recorded in the after-hours.
The TipRanks Insider Trading tool reveals that Fairmount Funds Management LLC purchased 1.2 million shares of Cogent Biosciences for $8.25 per share. The total value of this informative Buy transaction was $9.9 million.
Fairmount Funds Management owns over 10% of Cogent Biosciences, with a total holding value of $25.4 million.
Stock Ratings & Other Data
On TipRanks, the $577-million company has a Moderate Buy rating based on two Buys. COGT’s price target is pegged at $22, mirroring an upside potential of 129.41% from current levels. Over the past year, shares of COGT have gained 10.6%.
Five days ago, Christopher Raymond of Piper Sandler reiterated a Buy rating on COGT and a price target of $22 (132.56% upside potential).
One of TipRanks’ tools reveals that there has been a 4.5% increase in the number of portfolios with exposure to COGT shares in the last 30 days. The investor sentiment in the stock is presently Positive.
Conclusion
The recent insider trading activity might hint at the optimism around the successful closing of a public offering of shares this month, actions related to bezuclastinib, and the company’s other programs.
