Redmile Group LLC Decreases Stock Holdings in Cogent Biosciences, Inc. $COGT

Key Points

• Redmile Group cut its Cogent Biosciences stake by 52.2% in the first quarter, selling 749,882 shares and retaining 688,036 shares valued at approximately $26.5 million.
• Institutional interest was mixed: Deerfield Management, RTW Investments, Vanguard and T. Rowe Price significantly increased their positions, while Balyasny Asset Management initiated a new stake.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $45.90. Cogent shares opened at $40.67, near their 52-week high of $43.73, while the company continues developing early-stage CSF1R inhibitor therapies for solid tumors.

Redmile Group LLC decreased its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 52.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 688,036 shares of the technology company's stock after selling 749,882 shares during the period. Cogent Biosciences comprises 1.8% of Redmile Group LLC's portfolio, making the stock its 12th largest holding. Redmile Group LLC owned about 0.40% of Cogent Biosciences worth $26,483,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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 worth $130,003,000 after purchasing an additional 6,412,903 shares during the period. RTW Investments LP lifted its holdings in shares of 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 buying an additional 4,124,755 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cogent Biosciences by 48.4% in the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company's stock worth $408,989,000 after buying an additional 3,756,664 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Cogent Biosciences in the 3rd quarter worth $38,348,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Cogent Biosciences by 2,758.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,564,062 shares of the technology company's stock worth $91,076,000 after acquiring an additional 2,474,346 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Wedbush reiterated an "outperform" rating and set a $55.00 price objective on shares of Cogent Biosciences in a research report on Friday, May 29th. HC Wainwright boosted their price target on Cogent Biosciences to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. Two investment 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. According to MarketBeat.com, Cogent Biosciences presently has an average rating of "Moderate Buy" and an average target price of $45.90.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $40.67 on Wednesday. The stock has a 50-day simple moving average of $36.23 and a two-hundred day simple moving average of $36.42. 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 firm has a market capitalization of $6.95 billion, a PE ratio of -18.74 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.53) EPS for the quarter, hitting the consensus estimate of ($0.53). Analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Cogent Biosciences 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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