Platinum Investment Management Ltd. Reduces Holdings in Cogent Biosciences, Inc. $COGT

Platinum Investment Management Ltd. decreased its position in Cogent Biosciences, Inc. (NASDAQ:COGT) by 44.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,229 shares of the technology company’s stock after selling 98,275 shares during the period. Platinum Investment Management Ltd. owned 0.09% of Cogent Biosciences worth $4,306,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of 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. Global Retirement Partners LLC purchased a new stake in shares of Cogent Biosciences in the 4th quarter valued at approximately $37,000. PNC Financial Services Group Inc. grew its stake in shares of 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. GAMMA Investing LLC grew its stake in shares of Cogent Biosciences by 91.7% in the 4th quarter. GAMMA Investing LLC now owns 1,369 shares of the technology company’s stock valued at $49,000 after buying an additional 655 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of Cogent Biosciences by 35.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the technology company’s stock valued at $66,000 after buying an additional 488 shares during the period.

Cogent Biosciences Stock Up 1.5%

Cogent Biosciences stock opened at $33.10 on Friday. Cogent Biosciences, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $43.73. 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 firm has a 50 day moving average price of $34.62 and a 200 day moving average price of $36.58. The company has a market capitalization of $5.66 billion, a PE ratio of -15.25 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT) last posted 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). Research analysts expect that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current year.

Analysts Set New Price Targets

COGT has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Friday, April 10th. Robert W. Baird set a $35.00 price target on shares of Cogent Biosciences in a research note on Thursday, February 19th. Piper Sandler increased their price objective on shares of Cogent Biosciences from $39.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 18th. Jefferies Financial Group assumed coverage on shares of Cogent Biosciences in a report on Monday, March 16th. They issued a “buy” rating and a $55.00 target price for the company. Finally, HC Wainwright lifted their target price on shares of Cogent Biosciences to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.73.

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.