Atika Capital Management LLC Decreases Stake in Cogent Biosciences, Inc. $COGT

Atika Capital Management LLC reduced its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 42.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 293,200 shares of the technology company’s stock after selling 212,800 shares during the period. Cogent Biosciences makes up approximately 1.4% of Atika Capital Management LLC’s investment portfolio, making the stock its 15th biggest holding. Atika Capital Management LLC’s holdings in Cogent Biosciences were worth $11,285,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Cogent Biosciences by 48.4% during the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company’s stock worth $408,989,000 after acquiring an additional 3,756,664 shares during the period. Deerfield Management Company L.P. increased its holdings in shares of Cogent Biosciences by 242.9% in the third quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock valued at $130,003,000 after purchasing an additional 6,412,903 shares during the period. RTW Investments LP raised its stake in shares of Cogent Biosciences by 119.0% in the fourth quarter. RTW Investments LP now owns 7,592,241 shares of the technology company’s stock worth $269,676,000 after purchasing an additional 4,124,755 shares during the last quarter. State Street Corp raised its stake in shares of Cogent Biosciences by 3.5% in the fourth quarter. State Street Corp now owns 4,940,300 shares of the technology company’s stock worth $175,479,000 after purchasing an additional 164,881 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Cogent Biosciences by 42.8% during the fourth quarter. Janus Henderson Group PLC now owns 4,537,408 shares of the technology company’s stock worth $161,115,000 after purchasing an additional 1,359,365 shares during the period.

Cogent Biosciences Trading Up 1.8%

Shares of NASDAQ:COGT opened at $40.24 on Friday. The company has a market capitalization of $6.88 billion, a PE ratio of -18.54 and a beta of 0.34. Cogent Biosciences, Inc. has a 12-month low of $10.38 and a 12-month high of $43.73. The business has a 50 day moving average of $35.71 and a two-hundred day moving average of $36.31. 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 (NASDAQ:COGT) last posted its earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.53). As a group, analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on COGT shares. Wedbush reiterated an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a report on Friday, May 29th. HC Wainwright raised their target price on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.90.

Cogent Biosciences 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.