Bank of America Corp DE Has $40.18 Million Stock Holdings in Cogent Biosciences, Inc. $COGT

Key Points

• Bank of America reduced its Cogent Biosciences stake by 12.6% in the first quarter, selling 150,125 shares and retaining 1,043,805 shares valued at approximately $40.18 million, or 0.61% of the company.
• Cogent shares opened at $37.31, down 4.3%, with a market capitalization of $6.47 billion. The company reported a quarterly loss of $0.52 per share, beating analyst expectations of a $0.55 loss.
• Analyst sentiment remains generally positive: Cogent has a “Moderate Buy” consensus rating and an average price target of $49.10, despite ratings ranging from “Strong Buy” to “Sell.”

Bank of America Corp DE reduced its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,043,805 shares of the technology company's stock after selling 150,125 shares during the period. Bank of America Corp DE owned approximately 0.61% of Cogent Biosciences worth $40,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in 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 acquiring an additional 652 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Cogent Biosciences by 41.4% during the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company's stock worth $33,000 after buying an additional 1,333 shares during the period. Strs Ohio acquired a new stake in Cogent Biosciences during the 1st quarter worth about $36,000. Global Retirement Partners LLC bought a new stake in Cogent Biosciences in the fourth quarter worth approximately $37,000. Finally, Parallel Advisors LLC acquired a new position in shares of Cogent Biosciences during the 1st quarter valued at $39,000.

Cogent Biosciences Stock Down 4.3%

COGT stock opened at $37.31 on Friday. The company has a quick ratio of 15.14, a current ratio of 15.14 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $6.47 billion, a PE ratio of -17.27 and a beta of 0.38. Cogent Biosciences, Inc. has a twelve month low of $11.41 and a twelve month high of $43.73. The stock has a 50-day simple moving average of $37.87 and a two-hundred day simple moving average of $36.65.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.55) by $0.03. On average, equities analysts predict that Cogent Biosciences, Inc. will post -2.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wedbush restated an "outperform" rating and issued a $55.00 target price on shares of Cogent Biosciences in a report on Friday, May 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. HC Wainwright increased their price objective on Cogent Biosciences to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, Guggenheim raised their target price on Cogent Biosciences from $45.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $49.10.

Cogent Biosciences Company 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.

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