Sona Asset Management US LLC Decreases Position in Cogent Biosciences, Inc. $COGT

Key Points

• Sona Asset Management cut its Cogent Biosciences stake by 99.5% in the first quarter, selling 16.025 million shares and retaining 80,000 shares valued at approximately $3.08 million.
• Other institutional investors increased their exposure, with Vanguard expanding its position by 48.4% to 11.5 million shares and Pictet Asset Management increasing its stake by more than sevenfold.
• COGT shares opened at $39.76, near their 52-week high, while analysts maintained a generally positive outlook: the stock has a “Moderate Buy” consensus rating and an average price target of $45.90.

Sona Asset Management US LLC lowered its stake in Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 99.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 80,000 shares of the technology company's stock after selling 16,025,000 shares during the quarter. Sona Asset Management US LLC's holdings in Cogent Biosciences were worth $3,079,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Pier Capital LLC purchased a new position in Cogent Biosciences in the 4th quarter worth approximately $1,643,000. Vanguard Group Inc. grew its position 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 acquiring an additional 3,756,664 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Cogent Biosciences by 710.7% during 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 period. Hennion & Walsh Asset Management Inc. raised its stake in shares of 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 valued at $12,008,000 after purchasing an additional 37,938 shares during the period. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in shares of Cogent Biosciences during the fourth quarter worth $1,330,000.

Cogent Biosciences Stock Performance

Shares of COGT opened at $39.76 on Monday. Cogent Biosciences, Inc. has a one year low of $10.38 and a one year high of $43.73. The stock has a 50-day moving average price of $35.86 and a 200 day moving average price of $36.35. 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 $6.79 billion, a P/E ratio of -18.32 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) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.53). Sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on COGT. HC Wainwright upped their target price on shares of Cogent Biosciences to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. 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. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cogent Biosciences presently has an average rating of "Moderate Buy" and an average price target of $45.90.

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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