Citi notes that Cogent Biosciences (COGT) shares have traded down nearly 20% on the day after the ASH abstract announcement this morning, which the firm calls “unwarranted” based on data disclosures that have largely been known since last year. The SUMMIT abstract in non-advanced systemic mastocytosis, or NonAdvSM, included no incremental data, with the one patient discontinuation due to elevated alanine aminotransferase, or ALT, levels disclosed at ASH 2023. The APEX abstract in advanced systemic mastocytosis, or ASM, disclosed one incremental patient discontinuation due to ALT/AST elevation, but the firm notes the 28% rate of ALT/AST increase continues to compare favorably to Blueprint Medicines’ (BPMC) Ayvakit profile in ASM. The firm views today’s stock reaction as “unjustified based on the incremental data disclosures in ASH abstracts” and would be buyers on the weakness, maintaining a Buy rating and $15 price target on Cogent shares.
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