Sofinnova Investments Inc. Has $23.38 Million Position in Cogent Biosciences, Inc. (NASDAQ:COGT)

Sofinnova Investments Inc. raised its holdings in shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) by 15.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,773,286 shares of the technology company's stock after acquiring an additional 372,515 shares during the quarter. Cogent Biosciences makes up approximately 1.2% of Sofinnova Investments Inc.'s holdings, making the stock its 21st biggest position. Sofinnova Investments Inc. owned approximately 2.90% of Cogent Biosciences worth $23,379,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in COGT. Quest Partners LLC bought a new stake in Cogent Biosciences during the second quarter worth about $89,000. Rhumbline Advisers grew its stake in shares of Cogent Biosciences by 9.6% in the second quarter. Rhumbline Advisers now owns 130,516 shares of the technology company's stock valued at $1,100,000 after buying an additional 11,383 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Cogent Biosciences by 16.3% during the second quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company's stock worth $2,753,000 after buying an additional 45,770 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in Cogent Biosciences in the second quarter valued at $1,077,000. Finally, Farallon Capital Management LLC increased its stake in shares of Cogent Biosciences by 2,617.6% during the 1st quarter. Farallon Capital Management LLC now owns 462,000 shares of the technology company's stock worth $3,105,000 after purchasing an additional 445,000 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating for the company in a research report on Wednesday, August 7th. Robert W. Baird upped their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, September 5th. Wedbush restated a "neutral" rating and set a $11.00 target price (up previously from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. HC Wainwright decreased their price target on shares of Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, September 3rd. Finally, Needham & Company LLC restated a "buy" rating and set a $18.00 price objective on shares of Cogent Biosciences in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.67.

Cogent Biosciences Stock Performance

NASDAQ:COGT traded down $0.30 during mid-day trading on Tuesday, reaching $10.52. 556,281 shares of the company's stock were exchanged, compared to its average volume of 1,496,712. Cogent Biosciences, Inc. has a one year low of $3.67 and a one year high of $12.14. The business's fifty day simple moving average is $9.70 and its two-hundred day simple moving average is $8.25. The firm has a market capitalization of $1.01 billion, a PE ratio of -4.24 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period in the prior year, the company earned ($0.59) EPS. As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.25 EPS for the current year.

Cogent Biosciences Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.