Rare Disease Biotech Stocks Drop 7% Despite NDA News

Cogent Biosciences Inc. (NASDAQ: COGT) closed at $35.76 on April 1, down 7.09%, bringing its market capitalization to approximately $5.8 billion (about KRW 7.8 trillion). Trading volume exceeded 6.46 million shares, erasing roughly $380 million (around KRW 520 billion) in market value in a single session.

The company announced today that it has filed a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for vezclastinib, its second-line treatment candidate for gastrointestinal stromal tumors (GIST).

Meanwhile, Fairmount Funds—an affiliate of Cogent’s principal shareholder—disclosed in a regulatory filing that on March 31 it sold 7 million shares of Cogent common stock at $34.66 per share, totaling $242.62 million and divesting about KRW 330 billion worth of equity.

Cogent Biosciences is a U.S. biotech company focused on developing precision-targeted therapies for rare diseases defined by specific genetic variants. Its lead pipeline asset, the KIT inhibitor vezclastinib, is being advanced for GIST and systemic mastocytosis. With positive data from recent Phase 3 trials, the company is preparing for a commercial launch in the second half of 2026 and maintains that its current cash reserves will fund operations through year-end 2026.