Castleark Management LLC Acquires New Position in Cogent Biosciences, Inc. $COGT

Key Points

• Castleark Management acquired 63,950 shares of Cogent Biosciences in the first quarter, worth approximately $2.46 million. Several other institutional investors also increased or initiated positions.
• Analyst sentiment is broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $45.90; HC Wainwright and Wedbush each set $55 targets.
• Cogent Biosciences shares opened at $40.44, near their 52-week high of $43.73. The clinical-stage biotech reported quarterly EPS of negative $0.53, in line with estimates, while analysts expect a full-year loss of $2.26 per share.

Castleark Management LLC bought a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 63,950 shares of the technology company's stock, valued at approximately $2,461,000.

A number of other large investors have also recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Cogent Biosciences by 1,164.3% during the 4th 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 in the last quarter. Osaic Holdings Inc. increased its holdings in Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company's stock worth $33,000 after purchasing an additional 1,333 shares in the last quarter. Strs Ohio acquired a new position in Cogent Biosciences in the 1st quarter worth about $36,000. Global Retirement Partners LLC bought a new position in Cogent Biosciences in the fourth quarter valued at about $37,000. Finally, Parallel Advisors LLC bought a new position in Cogent Biosciences in the first quarter valued at about $39,000.

Analyst Ratings Changes

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

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $40.44 on Tuesday. The company has a quick ratio of 15.14, a current ratio of 15.14 and a debt-to-equity ratio of 0.41. Cogent Biosciences, Inc. has a twelve month low of $10.38 and a twelve month high of $43.73. The company has a fifty day moving average of $36.04 and a 200-day moving average of $36.39. The firm has a market capitalization of $6.91 billion, a P/E ratio of -18.64 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.53). As a group, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

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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