Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on Cogent Biosciences and increased the price target to $20.00 from $16.00.
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Sam Slutsky has given his Buy rating due to a combination of factors surrounding Cogent Biosciences’ recent trial results and market potential. The company’s SUMMIT trial for bezuclanib in non-advanced systemic mastocytosis (non-AdvSM) demonstrated significant efficacy, surpassing expectations with a notable placebo-adjusted improvement in the total symptom score (TSS). This improvement was substantially better than that of a competing drug, Ayvakit, in a similar study.
The potential FDA label for bezuclanib is expected to show favorable metrics compared to Ayvakit, which could include a broader indicated population. Additionally, the pharmacodynamic effects of bezuclanib were highlighted by physicians as being particularly promising. These factors, combined with the strategic targeting of KIT D816V, position Cogent Biosciences well in the market, justifying the Buy rating.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $28.00 price target.