Elmind Capital LP Buys New Holdings in Cogent Biosciences, Inc. $COGT

Elmind Capital LP bought a new stake in Cogent Biosciences, Inc. (NASDAQ:COGT) in the fourth quarter, Holdings Channel reports. The institutional investor bought 1,170,740 shares of the technology company’s stock, valued at approximately $41,585,000. Cogent Biosciences accounts for approximately 12.3% of Elmind Capital LP’s portfolio, making the stock its largest holding.

A number of other large investors have also modified their holdings of COGT. Deerfield Management Company L.P. grew its position in Cogent Biosciences by 242.9% in the third quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock valued at $130,003,000 after acquiring an additional 6,412,903 shares during the period. Commodore Capital LP grew its position in Cogent Biosciences by 213.7% in the third quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock valued at $104,110,000 after acquiring an additional 4,938,836 shares during the period. Vanguard Group Inc. grew its position in 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 period. Fairmount Funds Management LLC grew its position in Cogent Biosciences by 44.6% in the third quarter. Fairmount Funds Management LLC now owns 9,003,418 shares of the technology company’s stock valued at $129,289,000 after acquiring an additional 2,777,777 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in Cogent Biosciences in the third quarter valued at $38,348,000.

Cogent Biosciences Price Performance

Shares of COGT stock opened at $33.67 on Thursday. The stock’s fifty day moving average is $34.50 and its 200-day moving average is $36.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 15.14 and a current ratio of 15.14. The stock has a market capitalization of $5.75 billion, a PE ratio of -15.52 and a beta of 0.34. Cogent Biosciences, Inc. has a 52 week low of $6.92 and a 52 week high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, May 5th. The technology company reported ($0.53) EPS for the quarter, hitting the consensus estimate of ($0.53). Equities research analysts expect that Cogent Biosciences, Inc. will post -2.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Piper Sandler upped their price target on Cogent Biosciences from $39.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Robert W. Baird set a $35.00 price target on Cogent Biosciences in a research report on Thursday, February 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Friday, April 10th. Wedbush reiterated an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a research report on Friday, May 29th. Finally, Jefferies Financial Group assumed coverage on Cogent Biosciences in a research report on Monday, March 16th. They issued a “buy” rating and a $55.00 price target on the stock. Two investment 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 assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.73.

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.