BlackRock Inc. Buys New Position in Cognition Therapeutics, Inc. $CGTX

Key Points

• BlackRock initiated a position in Cognition Therapeutics during the second quarter, purchasing 1.26 million shares valued at approximately $1.45 million, or about 1.41% of the company.
• CGTX shares opened at $1.03, near their 50-day average of $1.02, while the stock remains well below its 52-week high of $2.67. The company reported a quarterly loss of $0.04 per share, beating estimates by $0.02.
• Analyst sentiment is mixed, with three Buy ratings and one Sell rating producing a consensus “Moderate Buy” and an average price target of $3.33. Cognition is advancing CT1812, an investigational Alzheimer’s therapy currently in Phase 2 trials.

BlackRock Inc. bought a new stake in Cognition Therapeutics, Inc. (NASDAQ:CGTX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,261,993 shares of the company's stock, valued at approximately $1,451,000. BlackRock Inc. owned approximately 1.41% of Cognition Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Essex Financial Services Inc. bought a new position in shares of Cognition Therapeutics during the 4th quarter worth approximately $27,000. Gamco Investors INC. ET AL bought a new stake in shares of Cognition Therapeutics in the third quarter worth $27,000. Private Management Group Inc. bought a new stake in shares of Cognition Therapeutics in the third quarter worth $32,000. Bryn Mawr Trust Advisors LLC acquired a new position in Cognition Therapeutics during the second quarter worth $33,000. Finally, Marshall Wace LLP acquired a new position in Cognition Therapeutics during the fourth quarter worth $37,000. Institutional investors and hedge funds own 43.35% of the company's stock.

Cognition Therapeutics Stock Performance

Shares of CGTX stock opened at $1.03 on Monday. The firm's 50-day moving average is $1.02 and its 200-day moving average is $1.10. The stock has a market cap of $97.94 million, a price-to-earnings ratio of -6.06 and a beta of 1.79. Cognition Therapeutics, Inc. has a 52-week low of $0.55 and a 52-week high of $2.67.

Cognition Therapeutics (NASDAQ:CGTX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. Sell-side analysts predict that Cognition Therapeutics, Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Cognition Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. HC Wainwright reissued a "buy" rating on shares of Cognition Therapeutics in a research report on Thursday, August 13th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cognition Therapeutics in a research note on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $3.33.

Cognition Therapeutics Company Profile

Cognition Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing disease-modifying therapies for neurodegenerative disorders, with an emphasis on Alzheimer's disease. The company's lead investigational candidate, CT1812, is an oral small molecule that antagonizes the sigma-2 receptor complex to protect synapses from amyloid-beta oligomer toxicity. By targeting a novel mechanism of action, Cognition Therapeutics aims to slow or reverse cognitive decline in patients living with Alzheimer's disease.

CT1812 has successfully completed Phase 1 safety studies and preliminary Phase 2a trials, and is currently being evaluated in multiple Phase 2 clinical studies across North America and Europe in patients with mild-to-moderate Alzheimer's disease.

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