Castleark Management LLC Takes Position in Cogent Biosciences, Inc. $COGT

Castleark Management LLC acquired a new position in Cogent Biosciences, Inc. (NASDAQ:COGT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 99,870 shares of the technology company’s stock, valued at approximately $3,865,000.

Other institutional investors have also recently made changes to their positions in the company. Pier Capital LLC acquired a new stake in Cogent Biosciences during the fourth quarter worth about $1,643,000. Vanguard Group Inc. boosted its position in Cogent Biosciences by 48.4% in the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company’s stock worth $408,989,000 after purchasing an additional 3,756,664 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in Cogent Biosciences by 710.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company’s stock worth $4,232,000 after purchasing an additional 98,602 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $1,330,000. Finally, SEB Asset Management AB acquired a new stake in shares of Cogent Biosciences during the 1st quarter worth approximately $6,329,000.

Cogent Biosciences Stock Up 1.6%

COGT stock opened at $36.80 on Wednesday. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average of $38.62 and a two-hundred day moving average of $36.61. Cogent Biosciences, Inc. has a 12 month low of $11.60 and a 12 month high of $43.73. The company has a market cap of $6.39 billion, a price-to-earnings ratio of -17.04 and a beta of 0.38.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.03. As a group, analysts forecast that Cogent Biosciences, Inc. will post -2.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on COGT. Piper Sandler boosted their target price on shares of Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Wedbush restated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research report on Friday, May 29th. HC Wainwright lifted their price objective on shares of Cogent Biosciences to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded shares of Cogent Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.40.

Cogent Biosciences Company 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.