Commodore Capital LP Purchases 691,162 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Commodore Capital increased its Cogent Biosciences stake by 31.5%, purchasing 691,162 additional shares to hold 2.89 million shares valued at approximately $111.2 million, or 1.69% of the company.
• Other institutional investors also raised their positions, including Vanguard, which increased its stake by 48.4%, and Pictet Asset Management, which expanded its holdings by 710.7%.
• Cogent reported quarterly EPS of -$0.53, in line with estimates. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $45.90, compared with a recent share price of $39.76.

Commodore Capital LP lifted its position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,888,007 shares of the technology company's stock after purchasing an additional 691,162 shares during the quarter. Cogent Biosciences accounts for approximately 6.4% of Commodore Capital LP's holdings, making the stock its 4th biggest holding. Commodore Capital LP owned approximately 1.69% of Cogent Biosciences worth $111,159,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Pier Capital LLC bought a new position in shares of Cogent Biosciences in the fourth quarter valued at approximately $1,643,000. Vanguard Group Inc. grew its position in Cogent Biosciences by 48.4% during the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company's stock worth $408,989,000 after acquiring an additional 3,756,664 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Cogent Biosciences by 710.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company's stock worth $4,232,000 after acquiring an additional 98,602 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Cogent Biosciences by 12.6% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 338,065 shares of the technology company's stock valued at $12,008,000 after purchasing an additional 37,938 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in Cogent Biosciences during the 4th quarter valued at $1,330,000.

Cogent Biosciences Price Performance

NASDAQ COGT opened at $39.76 on Monday. The stock has a market capitalization of $6.79 billion, a P/E ratio of -18.32 and a beta of 0.34. Cogent Biosciences, Inc. has a 52 week low of $10.38 and a 52 week high of $43.73. The company has a debt-to-equity ratio of 0.41, a quick ratio of 15.14 and a current ratio of 15.14. The stock has a fifty day moving average of $35.86 and a 200-day moving average of $36.35.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.53). On average, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Analysts Set New Price Targets

COGT has been the topic of a number of recent analyst reports. 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. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Finally, HC Wainwright lifted their price target on Cogent Biosciences to $55.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cogent Biosciences has a consensus rating of "Moderate Buy" and a consensus target price of $45.90.

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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