Fairmount Funds Management LLC, owner of more than 10% of Cogent Biosciences’ (NASDAQ:COGT) shares, recently bought the company’s shares worth around $9.6 million. Cogent is a biotechnology company that develops treatments for genetically driven diseases. COGT stock gained about 4% in yesterday’s extended trading session.
According to the SEC filing, the firm bought 800,000 shares of the company at a weighted average price of $12 per share. The total value of its holdings now stands at about $43.6 million.
Interestingly, Fairmount Funds has had a 100% success rate in the past year, with an average 26.2% return per transaction.
TipRanks offers daily insider transactions as well as a list of the top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Developments
It’s important to note that the firm purchased COGT stock following the release of positive lead-in data from Cogent’s Part 1 of the Phase 3 PEAK trial earlier in June. Also, the company disclosed the enrollment of patients in the second part of the Phase 3 trial, which is expected to include about 388 post-imatinib GIST patients.
Remarkably, apart from the insider’s positive stance, about seven Wall Street analysts on TipRanks have reiterated their Buy rating on Cogent stock since the release of encouraging results.
Among these, H.C. Wainwright analyst Robert Burns found the results of the trial evaluating bezuclastinib to be encouraging. Furthermore, Burns forecasts peak global non-risk-adjusted sales of about $2.5 billion by 2035 for bezuclastinib.
Is Cogent a Good Stock to Buy?
On TipRanks, COGT stock commands a Strong Buy consensus rating based on nine unanimous Buys. The average Cogent stock price target of $22.50 implies 75.1% upside potential.
