Man Group plc Purchases Shares of 167,858 Cogent Biosciences, Inc. $COGT

Key Points

• Man Group plc acquired 167,858 shares of Cogent Biosciences during the second quarter, valued at approximately $6.5 million and representing a 0.10% stake.
• Other major investors also increased their exposure, including Deerfield Management, RTW Investments, Vanguard, and BlackRock, indicating strong institutional interest in the company.
• Cogent reported a quarterly loss of $0.52 per share, beating estimates of $0.55, while analysts maintained a “Moderate Buy” consensus with an average price target of $49.40 versus a recent share price of $34.67.

Man Group plc purchased a new stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 167,858 shares of the technology company's stock, valued at approximately $6,496,000. Man Group plc owned 0.10% of Cogent Biosciences as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. BlackRock Inc. bought a new position in Cogent Biosciences in the 2nd quarter worth $671,547,000. Deerfield Management Company L.P. grew its position in shares of Cogent Biosciences by 242.9% in the third 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 last quarter. RTW Investments LP increased its stake in shares of Cogent Biosciences by 119.0% in the fourth quarter. RTW Investments LP now owns 7,592,241 shares of the technology company's stock worth $269,676,000 after purchasing an additional 4,124,755 shares during the period. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 3,756,664 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in Cogent Biosciences during the 3rd quarter valued at approximately $38,348,000.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $34.67 on Friday. The stock has a market capitalization of $6.02 billion, a P/E ratio of -16.05 and a beta of 0.38. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. Cogent Biosciences, Inc. has a 1 year low of $11.60 and a 1 year high of $43.73. The firm has a 50 day moving average of $38.74 and a 200-day moving average of $36.61.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share for the quarter, beating analysts' consensus estimates of ($0.55) by $0.03. As a group, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.25 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on COGT shares. Piper Sandler boosted their price target on Cogent Biosciences from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. Wedbush reaffirmed an "outperform" rating and issued a $55.00 price target on shares of Cogent Biosciences in a research note on Friday, May 29th. Guggenheim upped their price target on Cogent Biosciences from $45.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded Cogent Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, HC Wainwright lifted their price objective on Cogent Biosciences to $55.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $49.40.

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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