Elmind Capital LP Invests $45.31 Billion in Cogent Biosciences, Inc. $COGT

Elmind Capital LP acquired a new stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,170,740 shares of the technology company’s stock, valued at approximately $45,307,638,000. Cogent Biosciences accounts for approximately 11.4% of Elmind Capital LP’s investment portfolio, making the stock its biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pier Capital LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter valued at about $1,643,000. Vanguard Group Inc. boosted its holdings in shares of Cogent Biosciences by 48.4% in the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company’s stock valued at $408,989,000 after buying an additional 3,756,664 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Cogent Biosciences by 710.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company’s stock worth $4,232,000 after buying an additional 98,602 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Cogent Biosciences in the 4th quarter worth approximately $1,330,000. Finally, SEB Asset Management AB bought a new position in shares of Cogent Biosciences during the 1st quarter worth approximately $6,329,000.

Cogent Biosciences Stock Up 1.6%

NASDAQ:COGT opened at $36.80 on Wednesday. The company has a market cap of $6.39 billion, a PE ratio of -17.04 and a beta of 0.38. Cogent Biosciences, Inc. has a twelve month low of $11.60 and a twelve month high of $43.73. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $38.62 and its two-hundred day moving average is $36.61.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.03. Analysts anticipate that Cogent Biosciences, Inc. will post -2.24 EPS for the current year.

Analyst Ratings Changes

COGT has been the subject of a number of analyst reports. Wall Street Zen raised shares of Cogent Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research report on Friday, May 29th. Piper Sandler increased their price objective on Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. Finally, Guggenheim boosted their target price on Cogent Biosciences from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.40.

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.