Handelsbanken Fonder AB Purchases New Stake in Cogent Biosciences, Inc. $COGT

Key Points

• Handelsbanken Fonder AB acquired 44,600 Cogent Biosciences shares during the second quarter, valued at approximately $1.73 million. Several other institutional investors also increased or initiated positions.
• Analyst sentiment is generally positive: Cogent has an average rating of “Moderate Buy” and an average price target of $49.40, with several firms raising targets to $52–$55. One research firm maintained a sell rating.
• Cogent reported a quarterly loss of $0.52 per share, beating expectations for a $0.55 loss. Its shares opened at $37.87, while the company continues developing CSF1R-targeting therapies for solid tumors.

Handelsbanken Fonder AB acquired a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 44,600 shares of the technology company's stock, valued at approximately $1,726,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COGT. EverSource Wealth Advisors LLC raised 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 worth $25,000 after acquiring an additional 652 shares during the period. Parallel Advisors LLC purchased a new stake in shares of Cogent Biosciences in the first quarter valued at about $39,000. Global Retirement Partners LLC purchased a new stake in shares of Cogent Biosciences in the fourth quarter valued at about $37,000. Summit Securities Group LLC acquired a new stake in Cogent Biosciences during the first quarter worth about $46,000. Finally, PNC Financial Services Group Inc. increased 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 during the last quarter.

Analyst Ratings Changes

COGT has been the topic of several recent analyst reports. Piper Sandler boosted their target price on shares of Cogent Biosciences from $52.00 to $55.00 and gave the company an "overweight" rating in a report on Monday. HC Wainwright raised their price target on shares of Cogent Biosciences to $55.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Guggenheim raised their price target on shares of Cogent Biosciences from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Finally, Wedbush reiterated an "outperform" rating and issued a $55.00 price objective on shares of Cogent Biosciences in a research report on Friday, May 29th. Two research 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $49.40.

Cogent Biosciences Stock Performance

Shares of COGT stock opened at $37.87 on Tuesday. 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 $6.57 billion, a P/E ratio of -17.53 and a beta of 0.38. The firm's 50 day moving average price is $38.14 and its 200-day moving average price is $36.65. Cogent Biosciences, Inc. has a one year low of $11.53 and a one year high of $43.73.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.03. As a group, equities research analysts predict that Cogent Biosciences, Inc. will post -2.2 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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