Man Group plc Invests $6.50 Million in Cogent Biosciences, Inc. $COGT

Man Group plc purchased a new stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 167,858 shares of the technology company’s stock, valued at approximately $6,496,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in shares of Cogent Biosciences by 1,164.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock worth $25,000 after acquiring an additional 652 shares during the last quarter. J.Safra Asset Management Corp acquired a new position in Cogent Biosciences during the 2nd quarter valued at about $27,000. Osaic Holdings Inc. boosted its stake in shares of Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock valued at $33,000 after purchasing an additional 1,333 shares during the last quarter. Strs Ohio bought a new position in shares of Cogent Biosciences in the 1st quarter valued at about $36,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $37,000.

Cogent Biosciences Stock Performance

COGT opened at $34.67 on Friday. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -16.05 and a beta of 0.38. The business’s 50-day moving average price is $38.74 and its two-hundred day moving average price is $36.61. Cogent Biosciences, Inc. has a 1 year low of $11.60 and a 1 year high of $43.73. The company has a debt-to-equity ratio of 0.48, a current ratio of 13.57 and a quick ratio of 13.57.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.03. Equities analysts expect that Cogent Biosciences, Inc. will post -2.25 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on COGT. HC Wainwright boosted their price target on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen raised Cogent Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Piper Sandler raised their price target on Cogent Biosciences from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Wedbush restated an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a research report on Friday, May 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.40.

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.