225,000 Shares in Cogent Biosciences, Inc. $COGT Bought by Cormorant Asset Management LP

Cormorant Asset Management LP acquired a new position in Cogent Biosciences, Inc. (NASDAQ:COGT) during the 4th quarter, HoldingsChannel reports. The fund acquired 225,000 shares of the technology company’s stock, valued at approximately $7,992,000. Cogent Biosciences comprises 0.4% of Cormorant Asset Management LP’s investment portfolio, making the stock its 29th largest position.

Several other hedge funds have also recently made changes to their positions in COGT. EverSource Wealth Advisors LLC raised its position in shares of Cogent Biosciences by 1,164.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock valued at $25,000 after purchasing an additional 652 shares during the period. Global Retirement Partners LLC bought a new stake in Cogent Biosciences during the 4th quarter worth approximately $37,000. PNC Financial Services Group Inc. increased its stake in Cogent Biosciences by 414.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company’s stock worth $46,000 after acquiring an additional 1,032 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Cogent Biosciences by 91.7% in the 4th quarter. GAMMA Investing LLC now owns 1,369 shares of the technology company’s stock worth $49,000 after buying an additional 655 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Cogent Biosciences by 35.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the technology company’s stock worth $66,000 after buying an additional 488 shares during the last quarter.

Cogent Biosciences Stock Up 1.8%

COGT stock opened at $33.67 on Thursday. Cogent Biosciences, Inc. has a fifty-two week low of $6.92 and a fifty-two week high of $43.73. The business’s 50-day moving average is $34.50 and its two-hundred day moving average is $36.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 15.14 and a current ratio of 15.14. The company has a market cap of $5.75 billion, a price-to-earnings ratio of -15.52 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT) last posted its earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.53). As a group, analysts forecast that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wedbush reiterated an “outperform” rating and set a $55.00 price objective on shares of Cogent Biosciences in a research report on Friday, May 29th. Jefferies Financial Group began coverage on Cogent Biosciences in a research report on Monday, March 16th. They issued a “buy” rating and a $55.00 price objective on the stock. Piper Sandler lifted their target price on shares of Cogent Biosciences from $39.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Friday, April 10th. Finally, HC Wainwright boosted their price objective on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $43.73.

Cogent Biosciences Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.