225,000 Shares in Cogent Biosciences, Inc. $COGT Acquired by Cormorant Asset Management LP

Cormorant Asset Management LP acquired a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 225,000 shares of the technology company’s stock, valued at approximately $7,992,000. Cogent Biosciences comprises about 0.4% of Cormorant Asset Management LP’s portfolio, making the stock its 29th biggest holding. Cormorant Asset Management LP owned about 0.16% of Cogent Biosciences as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Deerfield Management Company L.P. lifted its holdings in shares of Cogent Biosciences by 242.9% in 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 in the last quarter. Commodore Capital LP raised its position in Cogent Biosciences by 213.7% during the third quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock worth $104,110,000 after acquiring an additional 4,938,836 shares in the last quarter. Vanguard Group Inc. raised its position in Cogent Biosciences by 48.4% during the fourth quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company’s stock worth $408,989,000 after acquiring an additional 3,756,664 shares in the last quarter. Fairmount Funds Management LLC raised its stake in Cogent Biosciences by 44.6% in the third quarter. Fairmount Funds Management LLC now owns 9,003,418 shares of the technology company’s stock valued at $129,289,000 after buying an additional 2,777,777 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Cogent Biosciences in the third quarter valued at approximately $38,348,000.

Cogent Biosciences Stock Up 1.8%

Shares of NASDAQ:COGT opened at $33.67 on Thursday. The business’s 50 day simple moving average is $34.50 and its two-hundred day simple moving average is $36.42. The firm has a market cap of $5.75 billion, a P/E ratio of -15.52 and a beta of 0.34. 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 52-week low of $6.92 and a 52-week high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results 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, research analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on COGT shares. Robert W. Baird set a $35.00 price objective on shares of Cogent Biosciences in a research report on Thursday, February 19th. Jefferies Financial Group began coverage on shares of Cogent Biosciences in a report on Monday, March 16th. They issued a “buy” rating and a $55.00 target price on the stock. Piper Sandler lifted their price target on Cogent Biosciences from $39.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Friday, April 10th. Finally, HC Wainwright raised their price objective on Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $43.73.

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.