Fairmount Funds Management LLC reported a sale of 7,000,000 shares of Cogent Biosciences common stock on March 31, 2026, at $34.66 per share, according to a Form 4 filing with the U.S. Securities and Exchange Commission. The proceeds from that transaction totaled $242,619,999. The companys shares traded higher after the sale, reaching $38.49, and have shown substantial appreciation over the past year.
The Form 4 filing also states that Fairmount acquired 7,000,000 shares of common stock through the conversion of Series A Convertible Preferred Stock. Specifically, 28,000 shares of Series A Convertible Preferred Stock were converted into 7,000,000 shares of common stock for no cash consideration. The filing records both the conversion and the subsequent sale of the converted common shares.
Market performance data cited in filings and investor tools show that Cogent Biosciences has experienced strong share-price gains. The stock has delivered a 565% return over the last 12 months, and a 172% return over the prior six months, according to InvestingPro metrics cited alongside the filings.
Alongside the insider activity, Cogent Biosciences has advanced a regulatory milestone for its lead asset, bezuclastinib. The U.S. Food and Drug Administration accepted the companys New Drug Application for bezuclastinib, assigned a Prescription Drug User Fee Act (PDUFA) date of December 30, and indicated no review issues at the time of acceptance.
Separately, the FDA granted Breakthrough Therapy Designation for bezuclastinib in combination with sunitinib for patients with Gastrointestinal Stromal Tumors (GIST), a decision based on results from the PEAK trial. Those regulatory developments come as Cogent prepares additional filings; the company plans to submit two more NDAs for bezuclastinib, according to recent analyst commentary.
Brokerage coverage has reflected the shifting regulatory and commercial profile. Raymond James reiterated a Strong Buy rating and left a $60 price target on the shares. Piper Sandler raised its price target to $52, citing Cogents move toward regulatory approvals and commercial readiness. H.C. Wainwright kept a Buy rating and a $52 price target, and noted the companys intention to file two additional NDAs for bezuclastinib.
These items together - insider conversion and sale activity, sharp recent share-price gains, FDA acceptance of a key NDA with a December 30 PDUFA date, Breakthrough Therapy designation for a combination regimen in GIST, and analyst ratings and price-target adjustments - outline the current factual landscape for Cogent Biosciences as it advances its clinical and regulatory agenda.