Cogent Biosciences, Inc. $COGT Shares Sold by Sofinnova Investments Inc.

Sofinnova Investments Inc. reduced its position in Cogent Biosciences, Inc. (NASDAQ:COGT) by 7.3% in the 4th quarter, HoldingsChannel reports. The firm owned 1,973,625 shares of the technology company’s stock after selling 154,316 shares during the period. Cogent Biosciences makes up about 2.9% of Sofinnova Investments Inc.’s portfolio, making the stock its 10th largest position. Sofinnova Investments Inc.’s holdings in Cogent Biosciences were worth $70,103,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of COGT. CWM LLC lifted its position in Cogent Biosciences by 4.9% during the fourth quarter. CWM LLC now owns 5,858 shares of the technology company’s stock worth $208,000 after acquiring an additional 276 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in Cogent Biosciences by 16.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,159 shares of the technology company’s stock worth $77,000 after acquiring an additional 300 shares during the last quarter. Optimize Financial Inc lifted its position in Cogent Biosciences by 1.4% during the fourth quarter. Optimize Financial Inc now owns 33,024 shares of the technology company’s stock worth $1,173,000 after acquiring an additional 472 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Cogent Biosciences by 35.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the technology company’s stock worth $66,000 after acquiring an additional 488 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in Cogent Biosciences by 2.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 25,014 shares of the technology company’s stock worth $888,000 after acquiring an additional 527 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Cogent Biosciences in a report on Monday, March 16th. They set a “buy” rating and a $55.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $55.00 target price on shares of Cogent Biosciences in a report on Friday, May 29th. Robert W. Baird set a $35.00 target price on shares of Cogent Biosciences in a report on Thursday, February 19th. Piper Sandler raised their target price on shares of Cogent Biosciences from $39.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cogent Biosciences in a report on Friday, April 10th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.73.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT opened at $33.17 on Tuesday. The company’s 50 day simple moving average is $34.58 and its 200 day simple moving average is $36.52. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of -15.29 and a beta of 0.34. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.14 and a quick ratio of 15.14. Cogent Biosciences, Inc. has a 1 year low of $6.92 and a 1 year high of $43.73.

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