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

Elmind Capital LP purchased a new stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,170,740 shares of the technology company’s stock, valued at approximately $45,307,638,000. Cogent Biosciences accounts for about 11.4% of Elmind Capital LP’s holdings, making the stock its largest holding. Elmind Capital LP owned approximately 0.67% of Cogent Biosciences at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of COGT. Pier Capital LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter valued at $1,643,000. Vanguard Group Inc. increased its stake 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 buying an additional 3,756,664 shares during the period. Pictet Asset Management Holding SA lifted its holdings in 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 buying an additional 98,602 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in Cogent Biosciences during the 4th quarter valued at about $1,330,000. Finally, SEB Asset Management AB purchased a new stake in Cogent Biosciences in the 1st quarter valued at about $6,329,000.

Cogent Biosciences Trading Up 1.6%

NASDAQ COGT opened at $36.80 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 13.57 and a current ratio of 13.57. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of -17.04 and a beta of 0.38. The company’s 50-day simple moving average is $38.62 and its two-hundred day simple moving average is $36.61. Cogent Biosciences, Inc. has a one year low of $11.60 and a one year high of $43.73.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on COGT. HC Wainwright upped their target price on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Wedbush reissued an “outperform” rating and issued a $55.00 price objective on shares of Cogent Biosciences in a research note on Friday, May 29th. Wall Street Zen upgraded Cogent Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Piper Sandler lifted their target price on Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Two research 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, 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.