Fred Alger Management LLC Makes New Investment in Cogent Biosciences, Inc. $COGT

Fred Alger Management LLC acquired a new position in Cogent Biosciences, Inc. (NASDAQ:COGT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,102,181 shares of the technology company’s stock, valued at approximately $39,149,000. Fred Alger Management LLC owned approximately 0.77% of Cogent Biosciences at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in COGT. EverSource Wealth Advisors LLC raised its holdings in Cogent Biosciences by 1,164.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock worth $25,000 after purchasing an additional 652 shares in the last quarter. Osaic Holdings Inc. raised its holdings in Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock worth $33,000 after purchasing an additional 1,333 shares in the last quarter. Strs Ohio bought a new position in Cogent Biosciences in the 1st quarter worth $36,000. Global Retirement Partners LLC bought a new position in Cogent Biosciences in the 4th quarter worth $37,000. Finally, PNC Financial Services Group Inc. raised its holdings in 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 worth $46,000 after purchasing an additional 1,032 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Robert W. Baird set a $35.00 price objective on shares of Cogent Biosciences in a report on Thursday, February 19th. Wedbush reiterated an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a research note on Friday, May 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Friday, April 10th. Piper Sandler increased their price target on shares of Cogent Biosciences from $39.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. Finally, Jefferies Financial Group began coverage on shares of Cogent Biosciences in a research note on Monday, March 16th. They issued a “buy” rating and a $55.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.73.

Cogent Biosciences Stock Down 0.3%

Shares of Cogent Biosciences stock opened at $33.07 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.14 and a quick ratio of 15.14. The company has a 50-day moving average of $34.53 and a 200 day moving average of $36.47. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of -15.24 and a beta of 0.34. Cogent Biosciences, Inc. has a 1 year low of $6.92 and a 1 year high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.53). As a group, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current fiscal year.

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.