First Turn Management LLC Invests $29.28 Million in Cogent Biosciences, Inc. $COGT

First Turn Management LLC acquired a new position in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) during the fourth quarter, HoldingsChannel reports. The firm acquired 824,283 shares of the technology company’s stock, valued at approximately $29,279,000. Cogent Biosciences accounts for approximately 3.3% of First Turn Management LLC’s portfolio, making the stock its 14th biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of Cogent Biosciences by 1,164.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock worth $25,000 after purchasing an additional 652 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $37,000. PNC Financial Services Group Inc. raised its stake in shares of Cogent Biosciences by 414.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company’s stock worth $46,000 after purchasing an additional 1,032 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Cogent Biosciences by 91.7% during the 4th quarter. GAMMA Investing LLC now owns 1,369 shares of the technology company’s stock worth $49,000 after purchasing an additional 655 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Cogent Biosciences by 35.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the technology company’s stock worth $66,000 after purchasing an additional 488 shares in the last quarter.

Cogent Biosciences Stock Up 1.5%

COGT opened at $33.10 on Friday. Cogent Biosciences, Inc. has a 1-year low of $6.88 and a 1-year high of $43.73. The stock’s fifty day simple moving average is $34.62 and its 200 day simple moving average is $36.58. The company has a current ratio of 15.14, a quick ratio of 15.14 and a debt-to-equity ratio of 0.41. The stock has a market cap of $5.66 billion, a PE ratio of -15.25 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.53). As a group, research analysts expect that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on COGT shares. HC Wainwright upped their price objective on Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $35.00 price target on Cogent Biosciences in a research note on Thursday, February 19th. Wedbush restated an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a research note on Friday, May 29th. Jefferies Financial Group initiated coverage on Cogent Biosciences in a research note on Monday, March 16th. They issued a “buy” rating and a $55.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Friday, April 10th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $43.73.

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.