Principal Financial Group Inc. Trims Position in Cogent Biosciences, Inc. $COGT

Principal Financial Group Inc. decreased its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 24.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 83,944 shares of the technology company’s stock after selling 27,862 shares during the quarter. Principal Financial Group Inc.’s holdings in Cogent Biosciences were worth $3,231,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Pier Capital LLC acquired a new stake in Cogent Biosciences in the 4th quarter worth about $1,643,000. Vanguard Group Inc. increased its stake in shares of Cogent Biosciences by 48.4% during the 4th 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 last quarter. Pictet Asset Management Holding SA increased its stake in shares of Cogent Biosciences by 710.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company’s stock valued at $4,232,000 after acquiring an additional 98,602 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Cogent Biosciences during the 4th quarter worth about $1,330,000. Finally, NEXTBio Capital Management LP purchased a new position in shares of Cogent Biosciences during the 4th quarter worth about $3,403,000.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on COGT. HC Wainwright boosted 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. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research note on Friday, May 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.90.

Cogent Biosciences Stock Down 2.7%

Shares of NASDAQ COGT opened at $39.57 on Thursday. The stock has a fifty day moving average price of $36.36 and a 200 day moving average price of $36.45. The company has a current ratio of 15.14, a quick ratio of 15.14 and a debt-to-equity ratio of 0.41. Cogent Biosciences, Inc. has a 12-month low of $10.38 and a 12-month high of $43.73. The company has a market cap of $6.76 billion, a P/E ratio of -18.23 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.53) EPS for the quarter, hitting analysts’ consensus estimates of ($0.53). Research analysts anticipate 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.