Cogent Biosciences slips after upsized $200 mln equity offering

Cogent Biosciences

09/07/2025 11:28

** Shares of Cogent Biosciences COGT.O down 2.1% to $9.57 on light premarket volume after overnight follow-on pirced

    ** Waltham, Massachusetts
    -based firm late Tues announced pricing ~22.2 mln shares at $9 for $200 mln gross proceeds

    ** Deal size boosted from $
150 mln, priced at 8% discount to last sale

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

      **

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

      ** Through Tues close, shares up 25% YTD

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

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

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