Cogent Biosciences falls on $150 mln stock offering launch

Cogent Biosciences

08/07/2025 22:11

** Shares of Cogent Biosciences COGT.O down 4.9% in extended trading to $9.30 as co seeks equity raise

    ** Waltham, Massachusetts
    -based firm commences $150 mln share offering

    ** Co plans to use net proceeds for continued development, regulatory and commercial preparation activities relating to bezuclastinib and other product candidates, among other purposes

    ** COGT shares on Mon surged 23% and closed at $9.35 after co said bezuclastinib showed a statistically significant reduction in symptoms in patients with mastocytosis, a type of blood disorder, and that it expects to to file a marketing application for the treatment by the end of 2025

      ** Its shares on Tues added another 4.6%, finishing at $9.78

      ** With ~113.9 mln shares outstanding, co has ~$1.1 bln market cap

      ** JP Morgan, Leerink and Guggenheim are jt bookrunners for the offering

      ** 9 of 12 analysts rate COGT "strong buy" or "buy", rest rate "hold" and median PT is $17.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))