Blackrock is also a top 3 shareholde for Biogen, Merck, and Bristol Myers.
It has nothing to do with liking health care or that particular company. It is because Blackrock is a top 3 ETF player.
Tocagen is mainly held in:
iShares Russell 2000 ETF 422,207 Mar 30, 2019 1.78% 4,589,390
iShares NASDAQ Biotechnology ETF 236,506 Mar 30, 2019 0.99% 2,570,820
iShares Russell 2000 Growth ETF 159,360 Mar 30, 2019 0.67% 1,732,243
Any of that look like active management? No, all passive. Connecting that to Cognate is nonsense.