Seven Fleet Capital Management LP Sells 64,700 Shares of Cogent Biosciences, Inc. $COGT

Key Points

• Seven Fleet Capital Management reduced its Cogent Biosciences stake by 30.2%, selling 64,700 shares and retaining 149,399 shares valued at approximately $5.75 million.
• Other institutional investors were generally increasing exposure: Royal Bank of Canada boosted its stake by 233.7%, while California State Teachers Retirement System raised its holdings by 20.7%.
• Cogent Biosciences shares opened at $38.93, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $45.90; the company reported quarterly EPS of negative $0.53, in line with estimates.

Seven Fleet Capital Management LP cut its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 30.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,399 shares of the technology company's stock after selling 64,700 shares during the period. Cogent Biosciences accounts for about 1.8% of Seven Fleet Capital Management LP's portfolio, making the stock its 14th biggest position. Seven Fleet Capital Management LP owned about 0.09% of Cogent Biosciences worth $5,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Parallel Advisors LLC purchased a new position in shares of Cogent Biosciences in the 1st quarter worth approximately $39,000. Amundi purchased a new stake in Cogent Biosciences during the 1st quarter valued at $212,000. EverSource Wealth Advisors LLC lifted its position in Cogent Biosciences by 127.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,611 shares of the technology company's stock worth $62,000 after buying an additional 903 shares during the last quarter. California State Teachers Retirement System lifted its position in Cogent Biosciences by 20.7% in the first quarter. California State Teachers Retirement System now owns 100,980 shares of the technology company's stock worth $3,887,000 after buying an additional 17,297 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Cogent Biosciences by 233.7% during the first quarter. Royal Bank of Canada now owns 56,260 shares of the technology company's stock worth $2,165,000 after buying an additional 39,403 shares during the period.

Cogent Biosciences Stock Performance

Cogent Biosciences stock opened at $38.93 on Friday. 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 company has a market capitalization of $6.65 billion, a PE ratio of -17.94 and a beta of 0.34. The company has a 50 day moving average price of $36.66 and a 200-day moving average price of $36.51. Cogent Biosciences, Inc. has a fifty-two week low of $10.38 and a fifty-two week high of $43.73.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. HC Wainwright boosted their price objective on shares of Cogent Biosciences to $55.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Finally, Wedbush reaffirmed an "outperform" rating and set a $55.00 price target on shares of Cogent Biosciences in a research note on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $45.90.

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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