Cogent Biosciences, Inc. $COGT Shares Bought by SummitTX Capital L.P.

SummitTX Capital L.P. raised its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 293,780 shares of the technology company's stock after buying an additional 36,609 shares during the period. SummitTX Capital L.P. owned approximately 0.17% of Cogent Biosciences worth $11,308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of COGT. EverSource Wealth Advisors LLC boosted its stake 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 worth $25,000 after acquiring an additional 652 shares in the last quarter. Parallel Advisors LLC purchased a new position in Cogent Biosciences in the 1st quarter valued at approximately $39,000. Global Retirement Partners LLC acquired a new position in Cogent Biosciences during the fourth quarter worth $37,000. Summit Securities Group LLC purchased a new stake in Cogent Biosciences during the first quarter worth $46,000. Finally, PNC Financial Services Group Inc. boosted its position in Cogent Biosciences by 414.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company's stock worth $46,000 after purchasing an additional 1,032 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. HC Wainwright boosted their price objective on shares of Cogent Biosciences to $55.00 and gave the stock a "buy" rating in a research report 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 equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $45.90.

Cogent Biosciences Price Performance

COGT stock opened at $39.76 on Monday. The stock's 50 day moving average price is $35.86 and its 200 day moving average price is $36.35. The firm has a market cap of $6.79 billion, a P/E ratio of -18.32 and a beta of 0.34. The company has a debt-to-equity ratio of 0.41, a quick ratio of 15.14 and a current ratio of 15.14. Cogent Biosciences, Inc. has a 1 year low of $10.38 and a 1 year high of $43.73.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share for the quarter, hitting the consensus estimate of ($0.53). On average, sell-side analysts expect that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current fiscal 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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