Key Points
First Turn Management acquired 824,283 shares of Cogent Biosciences in the fourth quarter.
The quarter-end value for the new stake rose by $29.28 million, reflecting both trading activity and price movement.
The new position is not among the fund’s top five holdings.
On February 13, 2026, First Turn Management disclosed a new position in Cogent Biosciences(NASDAQ:COGT), acquiring 824,283 shares worth $29.28 million at quarter’s end.
What happened
According to a recent SEC filing dated February 13, 2026, First Turn Management disclosed a new purchase of 824,283 shares of Cogent Biosciences. The fund reported the new position at quarter end, with the value reflecting both the initial investment and any market price changes during the period.
What else to know
- This is a new position for First Turn Management, now representing 3.35% of its reportable U.S. equity assets under management as of December 31, 2025.
- Top five holdings after the filing:
- NASDAQ: ABVX: $51.41 million (5.9% of AUM)
- NASDAQ: RVMD: $50.85 million (5.8% of AUM)
- NASDAQ: INSM: $46.00 million (5.3% of AUM)
- NASDAQ: BBIO: $45.55 million (5.2% of AUM)
- NASDAQ: MIRM: $38.04 million (4.3% of AUM)
- As of February 13, 2026, Cogent Biosciences shares were priced at $36.53, up 346.6% over the prior year, outperforming the S&P 500 by 334.8 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $5.55 billion |
| Net Income (TTM) | ($294.37 million) |
| Price (as of market close 2/13/26) | $36.53 |
Company snapshot
- Cogent Biosciences develops precision therapies targeting genetically defined diseases, with a lead candidate focused on KIT mutations in systemic mastocytosis and gastrointestinal stromal tumors.
- The company operates a biotechnology business model centered on proprietary drug development and commercialization, leveraging licensing agreements to advance its pipeline.
- Primary customers include healthcare providers, research institutions, and patients affected by rare oncological and hematological conditions.
Cogent Biosciences is a clinical-stage biotechnology company specializing in targeted therapies for genetically driven diseases. The company's strategy focuses on leveraging scientific expertise and strategic partnerships to advance innovative treatments addressing significant unmet medical needs. Cogent's competitive edge lies in its precision approach and commitment to developing selective inhibitors for challenging molecular targets.
What this transaction means for investors
Momentum like this changes a portfolio’s risk profile overnight. When a clinical-stage biotech is up more than 300% in a year, position sizing becomes as important as the science.
Cogent’s breakout began in November, when topline Phase 3 PEAK data showed 16.5 months median progression-free survival for bezuclastinib plus sunitinib versus 9.2 months for sunitinib alone, with a statistically significant hazard ratio of 0.50. That catalyst was followed by an NDA submission in December for NonAdvSM and additional regulatory steps across GIST and AdvSM. The stock re-rated hard on that momentum.
Financially, Cogent enters 2026 with roughly $901 million in cash and marketable securities and runway into 2028. R&D spending remains elevated as the company advances multiple NDAs, and full-year 2025 net loss reached $328.9 million. That’s typical for late-stage biotech, but it underscores execution risk.
This new 3.35% position fits squarely alongside other mid-cap biotech bets in the portfolio such as ABVX, RVMD, and INSM. For long-term investors, the thesis hinges on regulatory execution and commercial uptake in 2H 2026. After a parabolic move, durability matters more than headlines.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mirum Pharmaceuticals. The Motley Fool recommends BridgeBio Pharma. The Motley Fool has a disclosure policy.
