SEB Asset Management AB Acquires New Position in Cogent Biosciences, Inc. $COGT

Key Points

• SEB Asset Management AB initiated a new position in Cogent Biosciences during the first quarter, buying 164,437 shares valued at about $6.33 million.
• Institutional interest in COGT remains active, with several funds recently adding to or starting positions, including a large increase from Vanguard Group.
• Analysts are generally positive on the stock, with an average rating of Moderate Buy and an average price target of $45.90, even though Weiss Ratings maintained a sell rating.

SEB Asset Management AB bought a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 164,437 shares of the technology company's stock, valued at approximately $6,329,000. SEB Asset Management AB owned about 0.10% of Cogent Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of COGT. Pier Capital LLC acquired a new stake in shares of Cogent Biosciences during the fourth quarter worth $1,643,000. Vanguard Group Inc. increased its stake in Cogent Biosciences by 48.4% in 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. Pictet Asset Management Holding SA increased its stake in Cogent Biosciences by 710.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company's stock valued at $4,232,000 after purchasing an additional 98,602 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Cogent Biosciences by 12.6% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 338,065 shares of the technology company's stock worth $12,008,000 after buying an additional 37,938 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in Cogent Biosciences during the fourth quarter worth about $1,330,000.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Wedbush reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Cogent Biosciences in a research note on Friday, May 29th. Finally, HC Wainwright increased 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. Two analysts have rated the stock with a Strong Buy rating, eight have issued 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 stock currently has an average rating of "Moderate Buy" and an average price target of $45.90.

Cogent Biosciences Price Performance

COGT stock opened at $39.64 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 15.14 and a current ratio of 15.14. Cogent Biosciences, Inc. has a 1 year low of $10.38 and a 1 year high of $43.73. The firm has a market cap of $6.77 billion, a P/E ratio of -18.27 and a beta of 0.34. The stock has a 50-day simple moving average of $35.49 and a 200-day simple moving average of $36.24.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.53) EPS for the quarter, hitting the consensus estimate of ($0.53). On average, equities analysts predict that Cogent Biosciences, Inc. will post -2.26 earnings per share 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source