Castleark Management LLC Makes New $3.87 Million Investment in Cogent Biosciences, Inc. $COGT

Castleark Management LLC bought a new stake in shares of Cogent Biosciences, Inc. (NASDAQ:COGT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 99,870 shares of the technology company’s stock, valued at approximately $3,865,000. Castleark Management LLC owned approximately 0.06% of Cogent Biosciences as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in COGT. Osterweis Capital Management Inc. bought a new position in shares of Cogent Biosciences during the 2nd quarter worth $6,660,000. Parkman Healthcare Partners LLC purchased a new stake in Cogent Biosciences in the second quarter worth about $9,805,000. Legal & General Group Plc purchased a new stake in Cogent Biosciences in the second quarter worth about $3,824,000. The Manufacturers Life Insurance Company bought a new position in Cogent Biosciences during the 2nd quarter worth about $4,702,000. Finally, Algert Global LLC grew its holdings in Cogent Biosciences by 7.8% during the 2nd quarter. Algert Global LLC now owns 125,073 shares of the technology company’s stock worth $4,840,000 after acquiring an additional 9,019 shares in the last quarter.

Cogent Biosciences Stock Performance

Shares of COGT opened at $36.80 on Wednesday. Cogent Biosciences, Inc. has a 12 month low of $11.60 and a 12 month high of $43.73. The stock has a fifty day moving average price of $38.62 and a 200-day moving average price of $36.61. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. The firm has a market cap of $6.39 billion, a PE ratio of -17.04 and a beta of 0.38.

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

Analyst Ratings Changes

Several analysts have issued reports on the company. HC Wainwright increased their target price on Cogent Biosciences to $55.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Guggenheim boosted their price target on Cogent Biosciences from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Wall Street Zen raised Cogent Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Wedbush reiterated an “outperform” rating and issued a $55.00 target price on shares of Cogent Biosciences in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.40.

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.