Cogent Biosciences (COGT) Soars 126% on Stomach Cancer Treatment Progress

We recently published 10 Market Movers That Made Millionaires in a Week. Cogent Biosciences, Inc. (NASDAQ:COGT) is one of the best-performing stocks of the past trading week.

Cogent Biosciences skyrocketed by 126.3 percent week-on-week, as investor sentiment was boosted by the promising results of its last clinical trial that tested the efficacy of its drug candidate for a type of stomach cancer called Gastrointestinal Stromal Tumors (GIST).

In an updated report, Cogent Biosciences, Inc. (NASDAQ:COGT) said it is set to file a new drug application with the Food and Drug Administration for its treatment candidate, bezuclastinib, in combination with sunitinib, after its phase 3 trial showed promising developments.

During the study, patients with Gastrointestinal Stromal Tumors (GIST) who took bezuclastinib in combination with sunitinib saw an average of 16.5 months without their cancer worsening, as compared with the 9.2 months for those who took sunitinib alone.

In addition, 46 percent of the patients who took the combo saw their tumors shrink, versus the 26 percent of patients who took sunitinib alone.

Cogent Biosciences, Inc. (NASDAQ:COGT) President and CEO Andrew Robbins said that the results surpassed the company’s expectations.“With these incredible results, including a greater than seven-month improvement on mPFS (median progression-free survival)—reducing the rate of progression or death by half—the bezuclastinib combination is poised to become the new standard of care for treatment of second-line GIST patients,” he said.

Copyright: nexusplexus / 123RF Stock Photo

Following the results, Cogent Biosciences, Inc. (NASDAQ:COGT) announced plans to raise $200 million through the issuance of convertible senior notes due 2031, proceeds of which will be used to repay $50 million outstanding loans, with the remainder to be used to fund the development and regulatory activities for the expected launch and commercialization of bezuclastinib, alongside other drug candidates.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.