Sculptor Capital LP Makes New Investment in Cogent Biosciences, Inc. $COGT

Key Points

• Sculptor Capital initiated a 50,000-share position in Cogent Biosciences during the second quarter, valued at approximately $1.94 million. Several other major institutions, including BlackRock, Vanguard and Deerfield Management, also increased or initiated holdings.
• Cogent shares opened at $36.80, with a market capitalization of $6.39 billion and a 12-month trading range of $11.60 to $43.73. The company reported a quarterly loss of $0.52 per share, slightly better than analysts’ expected loss of $0.55.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $49.40, compared with the current share price. Cogent is developing small-molecule therapies targeting CSF1R for solid tumors.

Sculptor Capital LP bought a new stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 50,000 shares of the technology company's stock, valued at approximately $1,935,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Cogent Biosciences in the second quarter worth approximately $671,547,000. Vanguard Group Inc. raised its holdings in shares of Cogent Biosciences by 48.4% during the fourth quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company's stock valued at $408,989,000 after purchasing an additional 3,756,664 shares during the last quarter. Deerfield Management Company L.P. lifted its position in Cogent Biosciences by 242.9% during 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 period. RTW Investments LP lifted its position 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 valued at $269,676,000 after purchasing an additional 4,124,755 shares during the period. Finally, State Street Corp boosted its holdings in Cogent Biosciences by 3.5% in the fourth quarter. State Street Corp now owns 4,940,300 shares of the technology company's stock worth $175,479,000 after purchasing an additional 164,881 shares during the last quarter.

Cogent Biosciences Stock Performance

COGT opened at $36.80 on Wednesday. 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 company has a market cap of $6.39 billion, a price-to-earnings ratio of -17.04 and a beta of 0.38. The company's 50 day moving average is $38.62 and its 200 day moving average is $36.61. 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 announced its earnings results on Monday, August 10th. The technology company reported ($0.52) EPS for the quarter, beating analysts' consensus estimates of ($0.55) by $0.03. On average, equities research analysts predict that Cogent Biosciences, Inc. will post -2.24 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on COGT. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. Wedbush reissued an "outperform" rating and set a $55.00 price target on shares of Cogent Biosciences in a report on Friday, May 29th. Piper Sandler raised their price target on Cogent Biosciences from $52.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, August 17th. Guggenheim lifted 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. Finally, HC Wainwright upped their price objective on Cogent Biosciences to $55.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Two research 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 stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $49.40.

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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