Royal Bank of Canada Has $2.17 Million Stake in Cogent Biosciences, Inc. $COGT

Royal Bank of Canada lifted its stake in Cogent Biosciences, Inc. (NASDAQ:COGT) by 233.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,260 shares of the technology company’s stock after buying an additional 39,403 shares during the period. Royal Bank of Canada’s holdings in Cogent Biosciences were worth $2,165,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in Cogent Biosciences by 1,164.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock valued at $25,000 after acquiring an additional 652 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of Cogent Biosciences by 41.4% in the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock worth $33,000 after purchasing an additional 1,333 shares during the period. Strs Ohio bought a new position in shares of Cogent Biosciences in the first quarter worth $36,000. Global Retirement Partners LLC acquired a new position in Cogent Biosciences in the fourth quarter valued at about $37,000. Finally, Parallel Advisors LLC acquired a new position in Cogent Biosciences in the first quarter valued at about $39,000.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COGT. HC Wainwright increased their price objective on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Piper Sandler boosted their target price on shares of Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research report on Friday, May 29th. Finally, Guggenheim lifted their price objective on shares of Cogent Biosciences from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Two 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 given a Sell rating to the company. According to MarketBeat.com, Cogent Biosciences currently has an average rating of “Moderate Buy” and an average price target of $49.40.

Cogent Biosciences Price Performance

Shares of COGT stock opened at $37.87 on Tuesday. The company has a quick ratio of 13.57, a current ratio of 13.57 and a debt-to-equity ratio of 0.48. Cogent Biosciences, Inc. has a twelve month low of $11.53 and a twelve month high of $43.73. The company has a market cap of $6.57 billion, a P/E ratio of -17.53 and a beta of 0.38. The business has a fifty day simple moving average of $38.14 and a 200 day simple moving average of $36.65.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.03. On average, sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.2 EPS for the current fiscal 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.