H.C. Wainwright analyst Robert Burns lowered the firm’s price target on Cogent Biosciences (COGT) to $14 from $17 and keeps a Buy rating on the shares after GSK (GSK) announced that it has entered into an agreement to acquire privately-held IDRx, a clinical-stage biopharmaceutical company dedicated to developing precision therapeutics for the treatment of gastroinestinal stromal tumors. The firm says GSK bought a rival KIT tyrosine kinase inhibitor to Cogent.
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