Analyst Robert Burns from H.C. Wainwright reiterated a Buy rating on Cogent Biosciences (COGT – Research Report) and keeping the price target at $14.00.
Robert Burns has given his Buy rating due to a combination of factors related to Cogent Biosciences’ recent clinical trial results and market potential. The updated results from the SUMMIT trial, which evaluates bezuclastinib in non-advanced systemic mastocytosis, showed significant improvements in symptom severity. The novel patient-reported outcome measurement scale, MS2D2, indicated substantial mean improvements in overall symptom severity from baseline at various intervals, demonstrating the drug’s efficacy.
Additionally, the trial showed notable reductions in the MC-QoL Total Score, further supporting the drug’s positive impact on patients’ quality of life. Despite challenges in benchmarking against avapritinib due to differences in trial designs and reporting, the promising data from bezuclastinib’s trials, along with the anticipation of top-line results from the SUMMIT Part 2 study in mid-2025, underpin the Buy rating. The 12-month price target of $14 per share reflects confidence in the company’s growth potential.
In another report released on February 26, LifeSci Capital also maintained a Buy rating on the stock with a $16.00 price target.