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FINANCE | Asset/Financial Management
cowen.com

Investments

191

Portfolio Exits

83

Funds

5

Partners & Customers

10

About Cowen

Cowen (NASDAQ: COWN) is a financial services firm providing alternative investment management, investment banking, research, and sales and trading services. Its alternative investment management products include hedge funds, real estate, healthcare royalty funds, and cash management. It was founded in 1918 and is based in New York, New York. In February 2023, Cowen was acquired by TD Bank Group.3B.

Headquarters Location

599 Lexington Avenue 20th Floor

New York, New York, 10022,

United States

+1 646 562 1010

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Latest Cowen News

BJ's Wholesale breaks higher after Cowen joins the bull camp

Sep 14, 2023

JHVEPhoto/iStock Editorial via Getty Images Cowen started off coverage on BJ's Wholesale Club Holdings (NYSE: BJ ) with a Buy rating on Thursday. The firm's bullish thesis includes an outlook for BJ's ( BJ ) of market share gains through digital differentiation, membership growth across a wealthier & younger demographic, and gross margin expansion fuel by an assortment transformation. Analyst Oliver Chen and team said they like BJ's ( BJ ) wholistic approach to club membership engagement which incorporates digital analytics and a complete basket value proposition with strong appeal to a younger demographic. Cowen model high single-digit long-term EPS growth on low single-digit comparable sales growth and consistent growth from the young base of 238 stores. The firm noted key differences from Costco ( COST ) in terms of more full basket trips, a higher concentration of stores in the eastern parto of the U.S. club concentration, stronger digital penetration, and slightly younger and wealthier members. BJ's ( BJ ) estimated 9% long-term growth rate is above Costco's estimated growth rate of 8%. Valuation on BJ's ( BJ ) is called compelling and Cowen's price target of $80 works out to 20X the FY2 PE backed by a 10-year discounted cash flow of 7% WACC and 3% to 4% terminal growth rate. Shares of BJ's ( BJ ) were up 3.85% at 2:45 p.m. on above-average volume. The stock has recovered more than 12% since dipping to around a $60 handle in June. Short interest on BJ's ( BJ ) is 7.23% of total float, which is a higher percentage than the short bets on Costco ( COST ), PriceSmart ( PSMT ), and Target ( TGT ).

Cowen Investments

191 Investments

Cowen has made 191 investments. Their latest investment was in TORL BioTherapeutics as part of their Series B on April 4, 2023.

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Cowen Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/13/2023

Series B

TORL BioTherapeutics

$158M

Yes

2

11/28/2022

Series C

Escient Pharmaceuticals

$120M

No

7

10/6/2022

Series A

Nested Therapeutics

$90M

Yes

13

9/13/2022

Series C

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$99M

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10

9/8/2022

Series C

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$99M

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10

Date

4/13/2023

11/28/2022

10/6/2022

9/13/2022

9/8/2022

Round

Series B

Series C

Series A

Series C

Series C

Company

TORL BioTherapeutics

Escient Pharmaceuticals

Nested Therapeutics

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Amount

$158M

$120M

$90M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

Sources

2

7

13

10

10

Cowen Portfolio Exits

83 Portfolio Exits

Cowen has 83 portfolio exits. Their latest portfolio exit was Cowen - Prime Brokerage And Outsourced Trading Business on September 22, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/22/2023

Divestiture

Cowen - Prime Brokerage And Outsourced Trading Business

$99M

1

6/13/2023

Acq - Pending

$99M

3

5/5/2023

IPO

$99M

Public

5

12/23/2021

Acquired

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$99M

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10

7/30/2021

IPO

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$99M

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10

Date

9/22/2023

6/13/2023

5/5/2023

12/23/2021

7/30/2021

Exit

Divestiture

Acq - Pending

IPO

Acquired

IPO

Companies

Cowen - Prime Brokerage And Outsourced Trading Business

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

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Sources

1

3

5

10

10

Cowen Acquisitions

11 Acquisitions

Cowen acquired 11 companies. Their latest acquisition was Portico Capital Securities on November 23, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/23/2021

$99M

Acq - Fin

1

9/15/2020

Debt

$99M

$0.68M

Acquired

4

11/20/2018

$99M

Acquired

3

4/3/2017

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$99M

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10

3/22/2016

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$99M

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10

Date

11/23/2021

9/15/2020

11/20/2018

4/3/2017

3/22/2016

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$0.68M

Note

Acq - Fin

Acquired

Acquired

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Sources

1

4

3

10

10

Cowen Fund History

5 Fund Histories

Cowen has 5 funds, including Cowen Healthcare Investments IV.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/3/2023

Cowen Healthcare Investments IV

$555.6M

1

5/19/2020

Cowen Healthcare Investments III

$99M

10

9/24/2019

CHI EF III

$99M

10

11/13/2017

CHI Employee Fund II

$99M

10

11/13/2017

Cowen Healthcare Investments II

$99M

10

Closing Date

5/3/2023

5/19/2020

9/24/2019

11/13/2017

11/13/2017

Fund

Cowen Healthcare Investments IV

Cowen Healthcare Investments III

CHI EF III

CHI Employee Fund II

Cowen Healthcare Investments II

Fund Type

Status

Amount

$555.6M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Cowen Partners & Customers

10 Partners and customers

Cowen has 10 strategic partners and customers. Cowen recently partnered with MassRobotics on June 6, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

6/18/2022

Partner

United States

1

6/1/2021

Partner

United States

5/5/2021

Vendor

United States

TORA OEMS Chosen for Fixed Income by Cowen Outsourced Trading - TORA

Chris Jenkins , Managing Director at TORA commented `` We are delighted to have been selected by Cowen .

1

10/28/2020

Partner

United States

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10

2/4/2020

Partner

United Kingdom

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10

Date

6/18/2022

6/1/2021

5/5/2021

10/28/2020

2/4/2020

Type

Partner

Partner

Vendor

Partner

Partner

Business Partner

Country

United States

United States

United States

United States

United Kingdom

News Snippet

TORA OEMS Chosen for Fixed Income by Cowen Outsourced Trading - TORA

Chris Jenkins , Managing Director at TORA commented `` We are delighted to have been selected by Cowen .

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Sources

1

1

10

10

Cowen Team

48 Team Members

Cowen has 48 team members, including current Chief Executive Officer, Peter A. Cohen.

Name

Work History

Title

Status

Peter A. Cohen

Chief Executive Officer

Current

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Name

Peter A. Cohen

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Work History

Title

Chief Executive Officer

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Status

Current

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