Cogent Biosciences: Bezuclastinib’s Strong Phase 3 Data and Favorable FDA Outlook Underpin Upgraded $52 Buy Rating

In a report released today, Robert Burns from H.C. Wainwright reiterated a Buy rating on Cogent Biosciences, with a price target of $52.00.

Robert Burns has given his Buy rating due to a combination of factors tied to the strength of bezuclastinib’s clinical profile and the regulatory outlook. He highlights that the drug’s Phase 3 SUMMIT data in non-advanced systemic mastocytosis demonstrated a clinically meaningful improvement in symptom scores compared with placebo, and that these results compare favorably to the benchmark set by Blueprint Medicines’ Ayvakit, even accounting for differences in symptom assessment tools. Additionally, bezuclastinib produced robust outcomes across secondary endpoints, most notably a high rate of substantial serum tryptase reductions, which reinforces confidence in its disease-modifying potential.

Burns also emphasizes that the safety findings appear manageable, with elevated liver enzymes occurring infrequently, resolving over time, and not requiring hospitalizations or significant medical intervention, and with a relatively low discontinuation rate from treatment-related adverse events. Taken together, these efficacy and safety data support his view that the FDA review process for bezuclastinib in non-advanced systemic mastocytosis should proceed smoothly. Reflecting this optimism and pulling his DCF-based valuation forward, he reiterates a Buy rating on Cogent Biosciences while increasing his 12‑month price target to $52 per share, further supported by the strategic value implied by recent M&A activity in the mastocytosis and targeted oncology space.

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of COGT in relation to earlier this year.