Cogent Biosciences rises after upsized $150 mln stock offering

Monami

14/06/2022 14:06

** Shares of Cogent Biosciences  COGT.O  up 0.7% at $8.80
before the bell after co raises more equity than targeted
    ** Co sells ~18.2 mln shares, including ~3 mln pre-funded
warrants, at $8.25 for ~$150 mln raise  urn:newsml:reuters.com:*:nGNX4f2xvG
    ** Shares on Mon closed up 11.1% at $8.74 after co launched
$125 mln offering to fund development, regulatory/commercial
preparation activities for bezuclastinib, its drug to treat
blood disease systemic mastocytosis  urn:newsml:reuters.com:*:nL1N2Y01TV
    ** Shares surged nearly 60% on Fri after positive results
for bezuclastinib in Phase II trial  urn:newsml:reuters.com:*:nL4N2XX2HP  urn:newsml:reuters.com:*:nGNXcgyRRW
    ** COGT has ~45.8 mln shares outstanding for $400 mln market
cap, per Refinitiv data
    ** Shares of rival Blueprint Medicines Corp  BPMC.O  on Mon
fell 5.9% to $45.23, adding to ~18% slide on Fri following
COGT's news  urn:newsml:reuters.com:*:nL4N2XX2WT. Its shares are unchanged premarket 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))