COGT
Cogent Biosciences, Inc.Healthcare·Biotechnology
$34.96
$6.0B market cap
Revenue
$0.0M
Free Cash Flow
$-167.3M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Cogent Biosciences, Inc., a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes CGT9486, a selective tyrosine kinase inhibitor designed to inhibit the 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. It has a licensing agreement with Plexxikon Inc. for the research, development, and commercial
2-Year Price History
$32.67+307.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -102.5 | -103.6 | -97.4 | -86.9 | -87.3 | -0.5 | 866.4 | 238.7 | 67.4 | -100.2% | -84.5x | -- |
| Act | 2025-Q4 | 0.0 | -108.7 | -99.5 | -102.5 | -79.1 | -79.9 | -0.8 | 900.8 | 253.2 | 67.6 | -86.5% | -84.3x | -- |
Valuation & Metrics
Market Stats
Price$34.96
Market Cap$6.0B
Enterprise Value$5.3B
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-2.8%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-199.8M
Free Cash Flow$-167.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-93.4%
WC Change % Rev0.0%
Interest Coverage-84.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares11.8M
Days to Cover7.5
Change (vs Prior)-2.4%
Need at least 2 settlement dates for chart
Employees
Headcount205
Revenue / Employee$0
Gross Profit / Employee$-11,376
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
99.2%(+87.4% YoY)
284 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
29.1%(+26.7% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.1% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| FMR LLC | $890M | $10.46 | +$1.4M | +$233M | -0.0% | $1.89T |
| BlackRock, Inc.Passive | $618M | $20.24 | +$118M | +$303M | -0.2% | $5.69T |
| DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) | $348M | $11.42 | +$0 | +$247M | -1.0% | $7.18B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $282M | $38.49 | +$282M | +$282M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $265M | $38.49 | +$265M | +$265M | — | $4.04T |
| JANUS HENDERSON GROUP PLC | $230M | $17.35 | +$55.0M | +$229M | +1.2% | $209.29B |
| STATE STREET CORPPassive | $218M | $12.35 | +$27.8M | +$59.5M | -0.2% | $2.89T |
| Fairmount Funds Management LLC | $212M | $10.84 | −$135M | −$27.8M | +3.8% | $1.38B |
| RTW INVESTMENTS, LP | $210M | $25.86 | −$82.1M | +$210M | -2.3% | $9.26B |
| TCG Crossover Management, LLC | $190M | $10.08 | −$35.5M | −$77.7M | +4.6% | $3.50B |
| GOLDMAN SACHS GROUP INC | $171M | $26.02 | +$105M | +$133M | -0.2% | $760.93B |
| Kynam Capital Management, LP | $155M | $7.57 | −$81.9M | −$195M | -0.2% | $1.58B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $142M | $14.74 | +$7.1M | +$49.4M | +2.3% | $1.61T |
| WELLINGTON MANAGEMENT GROUP LLP | $138M | $32.60 | +$33.3M | +$128M | -0.3% | $533.98B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $124M | $35.42 | +$25.0M | +$122M | -0.2% | $864.93B |
| LORD, ABBETT & CO. LLC | $122M | $36.74 | +$50.5M | +$122M | +0.4% | $30.58B |
| Commodore Capital LP | $111M | $11.76 | +$26.6M | −$231M | -0.5% | $1.73B |
| Invesco Ltd. | $93.5M | $25.49 | +$71.0M | +$90.9M | -0.2% | $652.04B |
| Octagon Capital Advisors LP | $90.5M | $9.42 | +$0 | −$15.9M | +0.5% | $904M |
| Holocene Advisors, LP | $86.6M | $35.83 | +$41.3M | +$86.6M | -0.1% | $41.28B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.60%
avg per quarter
Holders (ex-self)
+0.49%
excl. this stock
Buyers (this Q)
+0.23%
183 buyers · $1.91B in
Sellers (this Q)
-0.07%
92 sellers · $0.46B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+12.7%
how holders react when this stock falls
On quiet Qs
-3.8%
−10% to +10% baseline
On rallies (+10%+)
-13.3%
how they react when this stock rises
Holders' portfolio flow this Q
-0.0%
outflows — trims may be forced
Sellers' portfolio flow this Q
-12.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.8%
Holder mid (any stock)
-3.3%
Holder rally (any stock)
-5.2%
Biggest decreases this quarter
Fairmount Funds Management LLC−$135Mα+3.8RTW INVESTMENTS, LP−$82.1Mα-2.3Kynam Capital Management, LP−$81.9Mα-0.2Duquesne Family Office LLCexited−$78.7MTCG Crossover Management, LLC−$35.5Mα+4.6VOLORIDGE INVESTMENT MANAGEMENT, LLCexited−$23.8MD. E. Shaw & Co., Inc.−$14.6Mα-0.3Skandinaviska Enskilda Banken AB (publ)exited−$5.8MTUDOR INVESTMENT CORP ET ALexited−$5.7MWalleye Capital LLCexited−$4.1M
New buyers this quarter
Top-5 holders · 33.5%
FMR LLC--
BlackRock, Inc.--
DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)--
VANGUARD PORTFOLIO MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC23.1MDEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)9.0MFairmount Funds Management LLC5.5MRTW INVESTMENTS, LP5.5MJANUS HENDERSON GROUP PLC6.0MKynam Capital Management, LP4.0MTCG Crossover Management, LLC4.9MGOLDMAN SACHS GROUP INC4.4MWELLINGTON MANAGEMENT GROUP LLP3.6MPRICE T ROWE ASSOCIATES INC /MD/3.2M
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|---|---|---|---|
| IMNM | Immunome, Inc. | 3 | 96.55× |
| KALV | KalVista Pharmaceuticals, Inc. | 6 | 89.12× |
| CTMX | CytomX Therapeutics, Inc. | 3 | 82.75× |
| URGN | UroGen Pharma Ltd. | 3 | 82.75× |
| BCRX | BioCryst Pharmaceuticals, Inc. | 5 | 80.45× |
| VERA | Vera Therapeutics, Inc. | 5 | 80.45× |
| TVTX | Travere Therapeutics, Inc. | 5 | 80.45× |
| SYRE | Spyre Therapeutics, Inc. | 7 | 79.51× |
| ELVN | Enliven Therapeutics, Inc. | 7 | 79.51× |
| NUVL | Nuvalent, Inc. | 6 | 77.24× |
| DNTH | Dianthus Therapeutics, Inc. | 10 | 74.27× |
| ORIC | ORIC Pharmaceuticals, Inc. | 5 | 74.27× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$55.005730.0%
Last Year (12 analysts)$42.172060.0%
Current Price$34.96
Analyst Ratings
10
2
Buy: 10Hold: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$25.00M
1 txn · 1 insider · 2,777,777 sh
Sells ($, 12mo)
$382.20M
6 txns · 5 insiders · 10,814,642 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-31 | SELL | Fairmount Funds Management LLC | director | 7,000,000 | $34.66 | $242.62M | $190.75M |
| 2026-01-22 | SELL | Fairmount Funds Management LLC | director | 3,500,000 | $36.40 | $127.40M | $200.32M |
| 2025-12-26 | SELL | Green John L. | officer: Chief Financial Officer | 77,000 | $38.68 | $2.98M | $5.10M |
| 2025-12-26 | SELL | Kearns Evan | officer: Chief Legal Officer | 65,000 | $38.70 | $2.52M | $4.23M |
| 2025-12-26 | SELL | Robinson John Edward | officer: Chief Scientific Officer | 90,000 | $38.74 | $3.49M | $5.42M |
| 2025-12-26 | SELL | Sachs Jessica | officer: Chief Medical Officer | 82,642 | $38.70 | $3.20M | $5.18M |
| 2025-07-10 | BUY | Fairmount Funds Management LLC | director | 2,777,777 | $9.00 | $25.00M | $81.03M |
Order Flow (FINRA, ~3w lag)
21.6%retail-0.8pp
30.9%dark+8.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Cogent Biosciences: High-Octane Dilution Engine Powered by Clinical Hope
Overall Risk
7/10
Fraud
4/10
Dilution
9/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
5/10
Legal
2/10
Audit Warnings
6/10
Hidden Upside
7/10
Contextually Acceptable
8/10