Royal Bank of Canada Has $2.17 Million Stock Position in Cogent Biosciences, Inc. $COGT

Key Points

• Royal Bank of Canada increased its Cogent Biosciences stake by 233.7% in the first quarter, holding 56,260 shares valued at approximately $2.17 million.
• Several major investors also expanded their positions, including Deerfield Management, RTW Investments, Vanguard, and T. Rowe Price, indicating substantial institutional interest in COGT.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $49.40, while the stock recently traded at $37.87 after Cogent reported a better-than-expected quarterly loss.

Royal Bank of Canada increased its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 233.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,260 shares of the technology company's stock after buying an additional 39,403 shares during the period. Royal Bank of Canada's holdings in Cogent Biosciences were worth $2,165,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. increased its position in shares of 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 buying an additional 6,412,903 shares in the last quarter. RTW Investments LP lifted its holdings in Cogent Biosciences by 119.0% during the fourth quarter. RTW Investments LP now owns 7,592,241 shares of the technology company's stock worth $269,676,000 after acquiring an additional 4,124,755 shares in the last quarter. Vanguard Group Inc. lifted its holdings in 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 acquiring an additional 3,756,664 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in Cogent Biosciences in the third quarter valued at about $38,348,000. Finally, Price T Rowe Associates Inc. MD grew its stake in 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 valued at $91,076,000 after acquiring an additional 2,474,346 shares during the period.

Analyst Ratings Changes

Several analysts have commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Guggenheim increased their price objective on shares of Cogent Biosciences from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. HC Wainwright raised their price objective on shares of Cogent Biosciences to $55.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Piper Sandler boosted their price objective on shares of Cogent Biosciences from $52.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Wedbush reaffirmed an "outperform" rating and issued a $55.00 target price on shares of Cogent Biosciences in a research note on Friday, May 29th. Two 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 given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $49.40.

Cogent Biosciences Trading Down 0.2%

NASDAQ COGT opened at $37.87 on Tuesday. Cogent Biosciences, Inc. has a 12 month low of $11.53 and a 12 month high of $43.73. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $38.14 and a 200-day moving average of $36.65. The company has a market cap of $6.57 billion, a PE ratio of -17.53 and a beta of 0.38.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.03. On average, equities research analysts anticipate that Cogent Biosciences, Inc. will post -2.2 EPS for the current fiscal year.

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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