Analyst David Lebowitz from Citi maintained a Buy rating on Cogent Biosciences and keeping the price target at $22.00.
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David Lebowitz has given his Buy rating due to a combination of factors that highlight the potential of Cogent Biosciences’ lead drug, bezuclastinib. The drug’s design is more selective, targeting only the KIT receptor, which is crucial in treating systemic mastocytosis (SM) and gastrointestinal stromal tumors (GIST). This selectivity not only enhances efficacy but also reduces side effects compared to existing treatments like Sanofi’s Ayvakit.
Furthermore, bezuclastinib’s cleaner toxicity profile positions it as a promising option for advanced SM and GIST, with potential for combination therapies. The management’s confidence in the drug’s ability to address unmet medical needs, particularly in symptom improvement, supports the optimistic outlook. The expected share price return of 68.2% further underscores the positive sentiment surrounding Cogent Biosciences’ future performance.
In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $20.00 price target.