Cogent Biosciences initiated with a Buy at Citi

Citi initiated coverage of Cogent Biosciences with a Buy rating and $11 price target. The analyst says Cogent’s bezuclastinib has shown clear signs of activity in non-advanced systemic mastocytosis. However, limitations in benchmarking efficacy against approved Ayvakit and safety concerns caused shares to drop 50% post-data, the analyst tells investors in a research note. Citi believes Street concerns are overblown and bezuclastinib is likely to show a competitive profile as data matures.