Cogent Biosciences, Inc. $COGT Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Cogent Biosciences stake by 18% in the third quarter, selling 259,226 shares and retaining 1.18 million shares worth approximately $37.9 million.
• Cogent reported quarterly EPS of -$0.52, beating the consensus estimate of -$0.55. Analysts expect a full-year loss of approximately $2.23 per share.
• Analyst sentiment remains generally positive, with an overall “Moderate Buy” rating and an average price target of $51.56, despite some sell and downgrade calls; the stock recently traded at $29.52.

Assenagon Asset Management S.A. lowered its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 18.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,182,530 shares of the technology company's stock after selling 259,226 shares during the quarter. Assenagon Asset Management S.A. owned about 0.68% of Cogent Biosciences worth $37,865,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. J.Safra Asset Management Corp purchased a new position in shares of Cogent Biosciences during the 2nd quarter valued at about $27,000. Integrated Wealth Concepts LLC purchased a new position in shares of Cogent Biosciences in the second quarter valued at approximately $29,000. Parallel Advisors LLC purchased a new position in Cogent Biosciences in the 1st quarter valued at $39,000. Summit Securities Group LLC acquired a new position in Cogent Biosciences during the first quarter worth about $46,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Cogent Biosciences in the second quarter valued at approximately $53,000.

Cogent Biosciences Price Performance

COGT stock opened at $29.52 on Friday. The stock's 50 day moving average price is $33.69 and its 200 day moving average price is $35.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 13.57 and a current ratio of 13.57. The firm has a market cap of $5.12 billion, a P/E ratio of -13.67 and a beta of 0.31. Cogent Biosciences, Inc. has a 1 year low of $13.78 and a 1 year high of $43.73.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.03. On average, sell-side analysts expect that Cogent Biosciences, Inc. will post -2.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on COGT. Guggenheim raised their price objective on shares of Cogent Biosciences from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Wedbush reissued an "outperform" rating and set a $55.00 target price on shares of Cogent Biosciences in a research note on Wednesday, September 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cogent Biosciences in a research report on Friday, October 2nd. Wall Street Zen downgraded shares of Cogent Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. Finally, Piper Sandler lifted their target price on Cogent Biosciences from $52.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $51.56.

About Cogent Biosciences

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases. The company's research programs are designed to selectively target disease-driving proteins while minimizing effects on healthy cells.

Cogent's lead product candidate is bezuclastinib, also known as CGT948, an oral, highly selective inhibitor of the KIT D816V mutation and other KIT alterations. The company is evaluating bezuclastinib in systemic mastocytosis, a disorder involving the abnormal growth and accumulation of mast cells, as well as in gastrointestinal stromal tumors (GIST) and other KIT-driven diseases.

Cogent conducts research and clinical development activities in the United States and works with healthcare professionals, patients and research institutions through its clinical programs.

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