Legal & General Group Plc Acquires New Shares in Cogent Biosciences, Inc. $COGT

Key Points

• Legal & General Group Plc acquired 98,820 Cogent Biosciences shares worth approximately $3.8 million, while several other institutional investors also increased their positions.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $51.56, despite some “Sell” ratings.
• Cogent shares opened at $34.76, and the company recently reported a quarterly loss of $0.52 per share, beating expectations of a $0.55 loss. The clinical-stage biotech is developing small-molecule therapies targeting CSF1R for solid tumors.

Legal & General Group Plc acquired a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 98,820 shares of the technology company's stock, valued at approximately $3,824,000. Legal & General Group Plc owned about 0.06% of Cogent Biosciences at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. AQR Capital Management LLC raised its position in Cogent Biosciences by 482.6% in the first quarter. AQR Capital Management LLC now owns 160,767 shares of the technology company's stock valued at $963,000 after purchasing an additional 133,174 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Cogent Biosciences by 6.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company's stock worth $377,000 after purchasing an additional 3,693 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Cogent Biosciences by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock valued at $5,924,000 after purchasing an additional 124,069 shares during the last quarter. Jane Street Group LLC raised its stake in Cogent Biosciences by 66.2% during the 1st quarter. Jane Street Group LLC now owns 123,822 shares of the technology company's stock valued at $742,000 after acquiring an additional 49,338 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Cogent Biosciences in the 1st quarter worth $36,000.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Guggenheim upped their price objective on Cogent Biosciences from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Piper Sandler boosted 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. Wall Street Zen cut Cogent Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday. 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. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.56.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT opened at $34.76 on Friday. The company has a 50-day simple moving average of $38.50 and a 200-day simple moving average of $36.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 13.57 and a quick ratio of 13.57. The company has a market cap of $6.03 billion, a PE ratio of -16.09 and a beta of 0.31. Cogent Biosciences, Inc. has a 12 month low of $11.60 and a 12 month high of $43.73.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share for the quarter, topping analysts' consensus estimates of ($0.55) by $0.03. On average, equities analysts anticipate that Cogent Biosciences, Inc. will post -2.25 earnings per share 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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