Cogent Biosciences steady after upsized $500 mln capital raise

Cogent Biosciences

12/11/2025 13:03

** Cogent Biosciences COGT.O shares flat before the bell after above-target capital raise

    ** Waltham, Massachusetts-based COGT late Tues announced pricing~9.7 mln shares at $31 for $300 mln, and offering of $200 mln 1.625% 6-yr convertible bonds (CBs)

        ** COGT shares on Tues rose about 3% to close at $33.42 as co was looking to raise $400 mln from the concurrent public offerings to capitalize on its soaring stock

    ** Shares on Mon more than doubled after its drug, bezuclastinib, in combination with Pfizer's PFE.N Sutent slowed stomach cancer progression in late-stage trial

    ** COGT intends to use net offering proceeds from both financings to repay $50 mln of term loan, including
    accrued interest and fees, and the remainder for development and regulatory activities relating to bezuclastinib, among other purposes

    ** Initial conversion price on the CBs set at $44.95, 45% above the offering price of the equity offering

      ** JP Morgan, Jefferies, Leerink and Guggenheim leading the equity offering. J

    efferies and JP Morgan are joint bookrunners for CBs offering

    ** 11 of 13 analysts rate COGT "strong buy" or "buy", 2 rate "hold"; median
    PT of $40 up from $20 a month ago, per LSEG

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

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