Optimize Financial Inc Buys New Position in Cogent Biosciences, Inc. $COGT

Optimize Financial Inc purchased a new position in Cogent Biosciences, Inc. (NASDAQ:COGT) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 32,552 shares of the technology company’s stock, valued at approximately $467,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new position in Cogent Biosciences in the 3rd quarter worth $3,913,000. Arizona State Retirement System raised its stake in Cogent Biosciences by 14.5% in the third quarter. Arizona State Retirement System now owns 24,702 shares of the technology company’s stock worth $355,000 after buying an additional 3,124 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Cogent Biosciences by 46.7% in the third quarter. New York State Common Retirement Fund now owns 33,902 shares of the technology company’s stock worth $487,000 after buying an additional 10,800 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Cogent Biosciences by 22.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,401 shares of the technology company’s stock valued at $78,000 after acquiring an additional 1,003 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Cogent Biosciences by 4,661,150.0% during the 3rd quarter. Federated Hermes Inc. now owns 93,225 shares of the technology company’s stock worth $1,339,000 after acquiring an additional 93,223 shares during the period.

Insider Activity

In related news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $36.40, for a total value of $127,400,000.00. Following the transaction, the director directly owned 5,503,418 shares of the company’s stock, valued at approximately $200,324,415.20. This represents a 38.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Evan Kearns sold 65,000 shares of the stock in a transaction on Friday, December 26th. The shares were sold at an average price of $38.70, for a total value of $2,515,500.00. Following the sale, the insider owned 109,398 shares in the company, valued at approximately $4,233,702.60. This represents a 37.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,737,642 shares of company stock valued at $136,600,345 in the last quarter. Insiders own 7.29% of the company’s stock.

Cogent Biosciences Stock Performance

Shares of COGT stock opened at $36.85 on Thursday. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -22.47 and a beta of 0.45. The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.38 and a current ratio of 6.38. Cogent Biosciences, Inc. has a one year low of $3.72 and a one year high of $43.73. The company’s 50-day moving average is $38.21 and its 200 day moving average is $24.09.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Monday, November 3rd. The technology company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.04. Sell-side analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on COGT shares. Wall Street Zen cut Cogent Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. HC Wainwright boosted their target price on shares of Cogent Biosciences to $52.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research note on Monday, December 8th. Wedbush reissued an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research report on Wednesday, January 21st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cogent Biosciences in a report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.55.

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.