Cogent Biosciences slips after upsized $200 mln equity offering
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
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