Redmile Group LLC Lowers Stock Holdings in Cogent Biosciences, Inc. $COGT

Redmile Group LLC lowered its position in Cogent Biosciences, Inc. (NASDAQ:COGT) by 52.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 688,036 shares of the technology company’s stock after selling 749,882 shares during the quarter. Cogent Biosciences makes up about 1.8% of Redmile Group LLC’s investment portfolio, making the stock its 12th largest position. Redmile Group LLC’s holdings in Cogent Biosciences were worth $26,483,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of COGT. Empowered Funds LLC purchased a new position in shares of Cogent Biosciences in the first quarter valued at about $249,000. The Manufacturers Life Insurance Company boosted its stake in Cogent Biosciences by 9.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 105,517 shares of the technology company’s stock worth $4,061,000 after purchasing an additional 9,506 shares during the period. Quantinno Capital Management LP bought a new position in Cogent Biosciences in the 1st quarter worth approximately $290,000. SummitTX Capital L.P. grew its holdings in Cogent Biosciences by 14.2% during the 1st quarter. SummitTX Capital L.P. now owns 293,780 shares of the technology company’s stock valued at $11,308,000 after buying an additional 36,609 shares in the last quarter. Finally, Castleark Management LLC purchased a new stake in Cogent Biosciences during the 1st quarter valued at approximately $2,461,000.

Cogent Biosciences Price Performance

NASDAQ:COGT opened at $40.67 on Wednesday. The business’s 50-day moving average is $36.23 and its 200 day moving average is $36.42. Cogent Biosciences, Inc. has a 12 month low of $10.38 and a 12 month high of $43.73. The company has a market capitalization of $6.95 billion, a P/E ratio of -18.74 and a beta of 0.34. The company has a current ratio of 15.14, a quick ratio of 15.14 and a debt-to-equity ratio of 0.41.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share for the quarter, meeting the consensus estimate of ($0.53). On average, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Cogent Biosciences in a report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Finally, HC Wainwright lifted their price target on shares of Cogent Biosciences to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.90.

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.