Cogent Biosciences (NASDAQ:COGT) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Cogent Biosciences to “Sell” from “Hold,” although broader analyst sentiment remains “Moderate Buy” with an average price target of $51.56.
• COGT shares opened at $34.76, down 0.5%, and remain well below the $43.73 52-week high. The company reported a quarterly loss of $0.52 per share, beating estimates for a $0.55 loss.
• Institutional interest increased, highlighted by California State Teachers Retirement System’s 5,327.5% increase in its holdings during the second quarter.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other analysts also recently issued reports on COGT. Wedbush restated an "outperform" rating and issued a $55.00 price objective on shares of Cogent Biosciences in a research report on Friday, May 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Guggenheim lifted their price target on shares of Cogent Biosciences from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, Piper Sandler boosted their price objective on shares of Cogent Biosciences from $52.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Cogent Biosciences has an average rating of "Moderate Buy" and an average price target of $51.56.

Cogent Biosciences Trading Down 0.5%

Shares of COGT opened at $34.76 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 13.57 and a quick ratio of 13.57. The firm has a 50 day simple moving average of $38.50 and a 200-day simple moving average of $36.52. Cogent Biosciences has a 1-year low of $11.60 and a 1-year high of $43.73. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of -16.09 and a beta of 0.31.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.03. Equities analysts forecast that Cogent Biosciences will post -2.25 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently added to or reduced their stakes in the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Cogent Biosciences in the 2nd quarter valued at about $217,000. California State Teachers Retirement System lifted its holdings in shares of Cogent Biosciences by 5,327.5% during the 2nd quarter. California State Teachers Retirement System now owns 5,480,733 shares of the technology company's stock worth $212,104,000 after acquiring an additional 5,379,753 shares during the period. Nykredit A S acquired a new stake in shares of Cogent Biosciences in the second quarter worth approximately $159,000. Alyeska Investment Group L.P. boosted its position in shares of Cogent Biosciences by 9.9% in the second quarter. Alyeska Investment Group L.P. now owns 274,849 shares of the technology company's stock worth $10,637,000 after acquiring an additional 24,849 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Cogent Biosciences by 26.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 209,402 shares of the technology company's stock valued at $8,104,000 after purchasing an additional 43,892 shares during the period.

About Cogent Biosciences

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.

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