Rock Springs Capital Management LP Trims Holdings in Cogent Biosciences, Inc. $COGT

Rock Springs Capital Management LP lowered its stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) by 26.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 624,155 shares of the technology company’s stock after selling 224,875 shares during the quarter. Cogent Biosciences makes up about 1.4% of Rock Springs Capital Management LP’s investment portfolio, making the stock its 22nd largest holding. Rock Springs Capital Management LP owned approximately 0.37% of Cogent Biosciences worth $24,024,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in COGT. AQR Capital Management LLC raised its holdings in Cogent Biosciences by 482.6% in the first quarter. AQR Capital Management LLC now owns 160,767 shares of the technology company’s stock valued at $963,000 after acquiring an additional 133,174 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Cogent Biosciences by 6.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company’s stock worth $377,000 after acquiring an additional 3,693 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Cogent Biosciences by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock worth $5,924,000 after purchasing an additional 124,069 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Cogent Biosciences by 66.2% in the 1st quarter. Jane Street Group LLC now owns 123,822 shares of the technology company’s stock valued at $742,000 after purchasing an additional 49,338 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Cogent Biosciences in the 1st quarter valued at about $36,000.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. HC Wainwright increased their price target on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. Finally, Wedbush restated an “outperform” rating and set a $55.00 price objective on shares of Cogent Biosciences in a research note on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.90.

Cogent Biosciences Stock Performance

Cogent Biosciences stock opened at $40.44 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.14 and a quick ratio of 15.14. Cogent Biosciences, Inc. has a 12 month low of $10.38 and a 12 month high of $43.73. The company has a fifty day moving average price of $36.04 and a two-hundred day moving average price of $36.39. The company has a market cap of $6.91 billion, a PE ratio of -18.64 and a beta of 0.34.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 5th. The technology company reported ($0.53) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.53). Research analysts expect that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current year.

About Cogent Biosciences

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.