Cogent: A Fairmount Adjustment

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On January 22nd, 2026 – a date which, viewed from a sufficiently distant galaxy, is statistically indistinguishable from any other date (though the coffee was reportedly quite good) – Fairmount Funds Management LLC executed a rather significant adjustment to its holdings in Cogent Biosciences (COGT 4.62%). Specifically, they parted ways with 3,500,000 shares, realizing approximately $127.4 million. One begins to wonder if the universe is keeping track of these things, and if so, why. Probably not, though. It’s busy with other, more important matters, like the proper distribution of dark matter and ensuring socks disappear from washing machines.

Transaction Details

Metric Value
Shares Sold (Indirect) 3,500,000
Transaction Value $127.4 million
Post-Transaction Shares (Indirect) 5,503,418

Transaction value derived from the SEC Form 4 filing, which, incidentally, is a document filled with numbers. Numbers are, of course, the universe’s attempt at humor.

Considering the Implications

  • The Scale of the Adjustment: This sale represents a reduction of 38.87% in Fairmount’s indirect holdings, leaving them with 5,503,418 shares. A significant number, certainly. Though, when compared to the estimated number of grains of sand on Earth, it’s… well, it’s a rounding error. (Calculating that number, by the way, would require a level of patience generally reserved for theoretical physicists and people waiting for software updates.)
  • Market Context: At the time of the transaction, Cogent shares were trading around $36.40, a shade below the day’s closing price of $39.53. The difference, while seemingly minor, is often enough to trigger existential crises among high-frequency traders. (They’re a sensitive bunch.)

Company Snapshot

Metric Value
Price $35.91
Market Capitalization $5.46 billion
Net Income (TTM) -$294.37 million
1-Year Price Change 286.13%

Price and 1-year price change calculated as of January 31, 2026. Which, if you think about it, is just a point in spacetime. A fleeting moment. A… oh, never mind.

About Cogent Biosciences

Cogent Biosciences, based in Massachusetts, is a clinical-stage biotechnology company focused on targeted therapies for rare, genetically driven diseases. Their approach involves advanced molecular research and strategic licensing partnerships – a complex undertaking, roughly equivalent to herding cats while simultaneously solving a Rubik’s Cube. They’re currently developing potential therapies for advanced gastrointestinal tumors, which, while unfortunate, is a problem they’re attempting to address with science and, presumably, a lot of coffee.

What Does This Mean for Investors?

Cogent’s stock experienced a remarkable surge of approximately 342% in 2025. Four executives sold shares on December 30th, 2025, prompting speculation about profit-taking. Was Fairmount Funds Management following suit? It’s difficult to say with certainty. Making over $120 million from a sale is, undeniably, a rather good outcome. (Though, it’s worth noting that $120 million won’t buy you a planet. Not even a small one.)

Fairmount remains a significant investor in Cogent, holding approximately 67,414 units of Series A Convertible Preferred Stock, in addition to their common shares. Each preferred stock unit equates to 250 common shares – a conversion ratio that feels suspiciously precise. (One wonders if a committee was involved. And if so, how long the debate over the exact number lasted.) Converting the entire preferred stock holding would yield roughly 16.85 million common shares. However, exceeding a 9.9% ownership limit would trigger regulatory scrutiny, necessitating further adjustments. It’s a delicate balancing act, akin to building a house of cards during an earthquake.

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2026-02-01 09:42