Defilade Capital Management L.P. Sells 216,029 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Defilade Capital Management cut its Cogent Biosciences position by 38% in the first quarter, selling 216,029 shares and retaining 352,590 shares valued at about $13.6 million.
• Other major institutional investors expanded their holdings, including Vanguard, Deerfield Management, RTW Investments, State Street and Janus Henderson.
• Cogent shares opened at $38.93, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $45.90.

Defilade Capital Management L.P. lessened its position in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 38.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 352,590 shares of the technology company's stock after selling 216,029 shares during the period. Cogent Biosciences makes up about 1.9% of Defilade Capital Management L.P.'s holdings, making the stock its 23rd largest position. Defilade Capital Management L.P. owned 0.21% of Cogent Biosciences worth $13,571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Cogent Biosciences by 48.4% during the fourth quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company's stock worth $408,989,000 after purchasing an additional 3,756,664 shares during the period. Deerfield Management Company L.P. grew its position in Cogent Biosciences by 242.9% in the 3rd quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company's stock valued at $130,003,000 after purchasing an additional 6,412,903 shares during the period. RTW Investments LP increased its stake in Cogent Biosciences by 119.0% during the 4th quarter. RTW Investments LP now owns 7,592,241 shares of the technology company's stock valued at $269,676,000 after purchasing an additional 4,124,755 shares in the last quarter. State Street Corp increased its stake in Cogent Biosciences by 3.5% during the 4th quarter. State Street Corp now owns 4,940,300 shares of the technology company's stock valued at $175,479,000 after purchasing an additional 164,881 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Cogent Biosciences by 42.8% during the fourth quarter. Janus Henderson Group PLC now owns 4,537,408 shares of the technology company's stock worth $161,115,000 after buying an additional 1,359,365 shares during the last quarter.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT opened at $38.93 on Monday. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of -17.94 and a beta of 0.38. 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 12-month low of $10.38 and a 12-month high of $43.73. The business's 50 day moving average is $36.66 and its 200 day moving average is $36.52.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly 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). On average, sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on COGT. Wedbush reaffirmed an "outperform" rating and issued a $55.00 price objective on shares of Cogent Biosciences in a research note on Friday, May 29th. HC Wainwright boosted their target price on shares of Cogent Biosciences to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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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