Cogent Bio (COGT) on 5/1 with 5000 August $5 and $10 calls bought for over $2M while a 2/25 trade that bought 2000 August $6 puts holds in open interest. COGT  focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor in Phase 3 trial designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors. COGT has a $680M market cap and trades 2.4X Cash with FY27 sales projections at $205M. COGT short interest is elevated at 12.6% of the float and rising from 6% to start the year, a concern. Positive readouts from three registrational studies this year could significantly increase confidence in Cogent’s potentially BIC KITis. Its assets have US peak sales potential near $3B according to Scotia. COGT has an insider buy $332K in stock on 1/15. GSK bought a rival KIT tyrosine kinase inhibitor to Cogent so M&A also potentially here. The company has completed enrollment in three pivotal trials across these indications, with key readouts expected in 2025. Cogent believes bezuclastinib can provide deeper, faster, and more sustained symptomatic improvement compared to the current standard of care, avapritinib, and can also be combined with sunitinib in GIST to provide better outcomes. With a robust pipeline and a focus on best-in-class therapies. Cogent’s upcoming clinical trial readouts, with the SUMMIT trial in non-advanced mastocytosis expected in July 2025, the APEX trial in advanced systemic mastocytosis expected in the second half of 2025, and the PEAK trial in second line GIST expected before the end of 2025.