Vivo Capital LLC Cuts Position in Cogent Biosciences, Inc. $COGT

Key Points

• Vivo Capital reduced its Cogent Biosciences position by 82.4% in the first quarter, selling 1,976,693 shares and retaining 422,300 shares worth approximately $16.3 million.
• Institutional sentiment was mixed: Vanguard and Pictet Asset Management increased their holdings substantially, while Weiss Asset Management and several other funds initiated new positions.
• Cogent shares opened at $41.36, up 4.5%, near their 12-month high of $43.73. Analysts’ consensus rating is “Moderate Buy”, with an average price target of $45.90, despite the company continuing to report losses.

Vivo Capital LLC trimmed its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 82.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 422,300 shares of the technology company's stock after selling 1,976,693 shares during the quarter. Cogent Biosciences accounts for about 1.4% of Vivo Capital LLC's holdings, making the stock its 26th largest position. Vivo Capital LLC owned about 0.25% of Cogent Biosciences worth $16,254,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Pier Capital LLC bought a new position in Cogent Biosciences in the fourth quarter worth about $1,643,000. Vanguard Group Inc. grew 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. Pictet Asset Management Holding SA grew its holdings 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 last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $1,330,000. Finally, Weiss Asset Management LP acquired a new stake in shares of Cogent Biosciences during the 1st quarter worth approximately $13,322,000.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wedbush restated an "outperform" rating and set a $55.00 price objective on shares of Cogent Biosciences in a research report on Friday, May 29th. HC Wainwright raised their target price on Cogent Biosciences to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $45.90.

Cogent Biosciences Stock Up 4.5%

COGT opened at $41.36 on Friday. The stock's 50 day moving average price is $36.53 and its 200 day moving average price is $36.49. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.14 and a quick ratio of 15.14. The stock has a market cap of $7.07 billion, a P/E ratio of -19.06 and a beta of 0.34. Cogent Biosciences, Inc. has a 12 month low of $10.38 and a 12 month high of $43.73.

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

Cogent Biosciences 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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