Cogent Biosciences, Inc. $COGT Stock: Candriam S.C.A. Lowers Stake

Candriam S.C.A. reduced its holdings in Cogent Biosciences, Inc. (NASDAQ:COGT) by 6.2% in the third quarter, HoldingsChannel reports. The firm owned 1,959,168 shares of the technology company’s stock after selling 129,201 shares during the period. Candriam S.C.A.’s holdings in Cogent Biosciences were worth $62,962,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA grew its position in shares of Cogent Biosciences by 18.8% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,842,776 shares of the technology company’s stock worth $90,990,000 after buying an additional 449,261 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Cogent Biosciences in the 3rd quarter valued at $284,000. Profund Advisors LLC lifted its position in shares of Cogent Biosciences by 30.7% during the 3rd quarter. Profund Advisors LLC now owns 60,425 shares of the technology company’s stock valued at $1,935,000 after acquiring an additional 14,199 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in shares of Cogent Biosciences by 16.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 31,661 shares of the technology company’s stock valued at $1,002,000 after acquiring an additional 4,467 shares during the period. Finally, Sterling Capital Management LLC lifted its position in shares of Cogent Biosciences by 838.9% during the 3rd quarter. Sterling Capital Management LLC now owns 5,502 shares of the technology company’s stock valued at $176,000 after acquiring an additional 4,916 shares during the period.

Wall Street Analysts Forecast Growth

COGT has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Cogent Biosciences in a research note on Tuesday, September 15th. Wedbush reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a research note on Wednesday, September 16th. Guggenheim upped their price objective on shares of Cogent Biosciences from $45.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Piper Sandler increased their price objective on shares of Cogent Biosciences from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cogent Biosciences currently has an average rating of “Moderate Buy” and an average target price of $51.56.

Cogent Biosciences Trading Up 7.0%

NASDAQ COGT opened at $31.65 on Friday. The company has a market cap of $5.49 billion, a price-to-earnings ratio of -14.07 and a beta of 0.36. Cogent Biosciences, Inc. has a 52 week low of $13.93 and a 52 week high of $43.73. The business has a 50 day moving average price of $31.83 and a 200-day moving average price of $35.52. The company has a quick ratio of 13.57, a current ratio of 13.57 and a debt-to-equity ratio of 0.48.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Thursday, November 5th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). As a group, equities analysts expect that Cogent Biosciences, Inc. will post -2.23 earnings per share for the current fiscal year.

Cogent Biosciences Profile

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for genetically defined diseases. The company uses molecular biology and drug-discovery technologies to design therapies intended to target disease-driving mutations while limiting activity in healthy tissues.

Cogent’s lead product candidate is bezuclastinib, also known as CGT9486, an investigational, highly selective inhibitor of the KIT D816V mutation. The company is developing bezuclastinib for systemic mastocytosis, a rare disorder involving the abnormal accumulation of mast cells, including both indolent and advanced forms of the disease.

Cogent conducts its research and clinical-development activities primarily in the United States and works with clinical centers and research partners in support of its development programs.