121,486 Shares in Cogent Biosciences, Inc. $COGT Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in Cogent Biosciences, Inc. (NASDAQ:COGT) in the second quarter, HoldingsChannel reports. The fund bought 121,486 shares of the technology company’s stock, valued at approximately $4,702,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in COGT. Pier Capital LLC acquired a new position in shares of Cogent Biosciences during the 4th quarter worth about $1,643,000. Vanguard Group Inc. increased its position in shares of Cogent Biosciences by 48.4% in the fourth quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company’s stock valued at $408,989,000 after acquiring an additional 3,756,664 shares during the last quarter. Pictet Asset Management Holding SA increased its position in shares of Cogent Biosciences by 710.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company’s stock valued at $4,232,000 after acquiring an additional 98,602 shares during the last quarter. SEB Asset Management AB bought a new stake in Cogent Biosciences during the first quarter worth about $6,329,000. Finally, Assenagon Asset Management S.A. boosted its position in Cogent Biosciences by 387.7% during the second quarter. Assenagon Asset Management S.A. now owns 1,441,756 shares of the technology company’s stock valued at $55,796,000 after purchasing an additional 1,146,106 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have weighed in on COGT shares. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. 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. HC Wainwright raised their target price on shares of Cogent Biosciences to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Cogent Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.40.

Cogent Biosciences Stock Performance

COGT opened at $35.00 on Tuesday. Cogent Biosciences, Inc. has a 12-month low of $11.60 and a 12-month high of $43.73. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of -16.20 and a beta of 0.38. The business has a 50 day moving average of $38.72 and a 200-day moving average of $36.58. 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 (NASDAQ:COGT) last issued its earnings results on Monday, August 10th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.03. On average, equities research analysts expect that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current 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.