Platinum Investment Management Ltd. Decreases Position in Cogent Biosciences, Inc. $COGT

Platinum Investment Management Ltd. lessened its holdings in Cogent Biosciences, Inc. (NASDAQ:COGT) by 44.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 121,229 shares of the technology company’s stock after selling 98,275 shares during the quarter. Platinum Investment Management Ltd.’s holdings in Cogent Biosciences were worth $4,306,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in Cogent Biosciences by 1,164.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock valued at $25,000 after buying an additional 652 shares during the period. Osaic Holdings Inc. boosted its position in Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock valued at $33,000 after buying an additional 1,333 shares during the period. Strs Ohio purchased a new position in Cogent Biosciences in the 1st quarter valued at approximately $36,000. Global Retirement Partners LLC purchased a new position in Cogent Biosciences in the 4th quarter valued at approximately $37,000. Finally, PNC Financial Services Group Inc. boosted its position in Cogent Biosciences by 414.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company’s stock valued at $46,000 after buying an additional 1,032 shares during the period.

Wall Street Analyst Weigh In

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

Cogent Biosciences Stock Up 1.5%

Shares of NASDAQ:COGT opened at $33.10 on Friday. The company has a market cap of $5.66 billion, a price-to-earnings ratio of -15.25 and a beta of 0.34. The firm’s 50-day simple moving average is $34.62 and its 200-day simple moving average is $36.58. The company has a quick ratio of 15.14, a current ratio of 15.14 and a debt-to-equity ratio of 0.41. Cogent Biosciences, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last issued its 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). As a group, equities research analysts predict that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current year.

About Cogent Biosciences

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.