Cogent Biosciences, Inc. (COGT) Stock

Cogent Biosciences, Inc. (COGT) is a Healthcare stock trading at $33.41 (as of 2026-09-11), with a market capitalization of $5.80B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cogent Biosciences, Inc. develops precision therapies for genetically defined diseases. Its lead candidate, CGT9486, is designed to inhibit KIT D816V and other KIT exon 17 mutations associated with systemic mastocytosis and advanced gastrointestinal stromal tumors, and it has a licensing agreement with Plexxikon for bezuclastinib.

Understand Cogent Biosciences, Inc.: how it makes money

Cogent is developing bezuclastinib, a precision kinase inhibitor for KIT-mutation-driven mastocytosis and GIST, funded entirely by equity until the drug reaches the market. The entire company is a single-asset option: the investment case lives or dies on one clinical program clearing FDA.

All equity value is an option on one licensed molecule's clinical and regulatory outcome; there is no product revenue, no recurring cash flow, and no pipeline diversification until bezuclastinib is approved and launched.

Business quality (Unprofitable): Unprofitable. Pre-revenue clinical-stage biotech burning cash to advance a single asset; no operations or customers yet.

Bull case

Half the risk of progression: The blinded independent central review reported a hazard ratio of 0.5 (ratio) for progression or death, meaning patients on bezuclastinib plus sunitinib faced roughly half the risk of progression or death compared to sunitinib alone. That is a clinically meaningful efficacy margin that strengthens a pivotal regulatory filing.
Target engagement is unambiguous: Eighty-seven point four percent (87.4%) of patients in the bezuclastinib arm achieved at least a 50 percent reduction in serum tryptase, versus 0.0% in placebo. This biomarker confirms the drug is selectively inhibiting the KIT D816V mutation it was designed to target, supporting a credible path to approval in systemic mastocytosis.

Bear case

Heavy cash burn, zero revenue: The operating margin stands at -1376%, reflecting large R&D and operating expenses against essentially no product revenue. Until bezuclastinib reaches commercial launch, the company must continually raise capital, diluting existing shareholders to keep the trial and corporate structure alive.

Valuation — source: SEC EDGAR (first-party)
Price	$33.41
Market Cap	$5.80B
Price / Book	10.89
Price / Sales	237.24
FCF Yield	-5.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$14.69M
Net Margin	-2239.3%
Return on Equity	-70.8%
Debt / Equity	0.42
Current Ratio	13.57
Revenue Growth (YoY)	214.4%
EPS Growth (YoY)	-1.9%
FCF Growth (YoY)	42.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	8.95 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	19.4
Industry P/E (Pharmaceutical Products)	15.1

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FMR LLC ($993.86M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Andrew R. Robbins
Employees	205
Country	US
IPO Date	2018-03-29

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.