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

Elmind Capital LP bought a new stake in Cogent Biosciences, Inc. (NASDAQ:COGT) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 1,170,740 shares of the technology company’s stock, valued at approximately $41,585,000. Cogent Biosciences comprises 12.3% of Elmind Capital LP’s holdings, making the stock its biggest holding. Elmind Capital LP owned approximately 0.82% of Cogent Biosciences at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Evergreen Quality Fund GP Ltd. acquired a new position in shares of Cogent Biosciences during the fourth quarter worth approximately $8,880,000. Cormorant Asset Management LP acquired a new position in shares of Cogent Biosciences during the fourth quarter worth approximately $7,992,000. Burkehill Global Management LP lifted its holdings in shares of Cogent Biosciences by 62.5% during the fourth quarter. Burkehill Global Management LP now owns 325,000 shares of the technology company’s stock worth $11,544,000 after buying an additional 125,000 shares during the last quarter. J. Goldman & Co LP acquired a new position in shares of Cogent Biosciences during the fourth quarter worth approximately $15,603,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Cogent Biosciences by 4.2% during the fourth quarter. AQR Capital Management LLC now owns 121,800 shares of the technology company’s stock worth $4,326,000 after buying an additional 4,959 shares during the last quarter.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT opened at $33.67 on Thursday. The business has a fifty day simple moving average of $34.50 and a 200 day simple moving average of $36.42. The company has a current ratio of 15.14, a quick ratio of 15.14 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of -15.52 and a beta of 0.34. Cogent Biosciences, Inc. has a one year low of $6.92 and a one year high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 5th. The technology company reported ($0.53) EPS for the quarter, meeting analysts’ consensus estimates of ($0.53). Sell-side analysts expect that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Wall Street Analyst Weigh In

COGT has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on Cogent Biosciences in a report on Monday, March 16th. They set a “buy” rating and a $55.00 price target for the company. HC Wainwright upped their price target on Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Piper Sandler upped their price target on Cogent Biosciences from $39.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a report on Friday, April 10th. Finally, Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a report on Friday, May 29th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.73.

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.