Assenagon Asset Management S.A. Increases Stock Position in Cogent Biosciences, Inc. $COGT

Key Points

• Assenagon Asset Management increased its Cogent Biosciences stake by 387.7% in the second quarter, acquiring 1.15 million additional shares and bringing its holdings to 1.44 million shares valued at approximately $55.8 million.
• Several major institutional investors also expanded their positions, including Deerfield Management, RTW Investments, Vanguard, and T. Rowe Price, signaling increased institutional interest in COGT.
• Cogent shares recently traded at $42.39, near their 12-month high, while analysts maintained a “Moderate Buy” consensus with an average price target of $45.90; the company remains unprofitable and is expected to post a loss this year.

Assenagon Asset Management S.A. lifted its holdings in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 387.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,441,756 shares of the technology company's stock after buying an additional 1,146,106 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.84% of Cogent Biosciences worth $55,796,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Deerfield Management Company L.P. increased its holdings in shares of Cogent Biosciences by 242.9% during the third quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company's stock valued at $130,003,000 after acquiring an additional 6,412,903 shares in the last quarter. RTW Investments LP grew its position in Cogent Biosciences by 119.0% during the 4th quarter. RTW Investments LP now owns 7,592,241 shares of the technology company's stock valued at $269,676,000 after purchasing an additional 4,124,755 shares during the last quarter. Vanguard Group Inc. increased its stake in Cogent Biosciences by 48.4% during the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company's stock valued at $408,989,000 after purchasing an additional 3,756,664 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Cogent Biosciences in the third quarter worth about $38,348,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Cogent Biosciences by 2,758.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,564,062 shares of the technology company's stock worth $91,076,000 after buying an additional 2,474,346 shares during the last quarter.

Cogent Biosciences Trading Up 1.4%

Shares of NASDAQ:COGT opened at $42.39 on Friday. The stock has a 50 day moving average of $37.39 and a 200 day moving average of $36.66. The company has a current ratio of 15.14, a quick ratio of 15.14 and a debt-to-equity ratio of 0.41. The company has a market cap of $7.24 billion, a PE ratio of -19.53 and a beta of 0.38. Cogent Biosciences, Inc. has a 12-month low of $10.70 and a 12-month high of $43.73.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released 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, equities research analysts expect that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on COGT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Wedbush reiterated an "outperform" rating and issued a $55.00 price objective on shares of Cogent Biosciences in a report on Friday, May 29th. Finally, HC Wainwright boosted their target price on Cogent Biosciences to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.90.

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.

Want to see what other hedge funds are holding COGT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source