Analyst Sam Slutsky of LifeSci Capital maintained a Buy rating on Cogent Biosciences, retaining the price target of $20.00.
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Sam Slutsky’s rating is based on the promising potential of Cogent Biosciences’ bezuclastinib as a treatment for systemic mastocytosis, particularly in the non-advanced subtype. The recent Phase 3 SUMMIT data highlights the effectiveness of bezuclastinib, especially given its strong targeting of the KIT D816V mutation, which is a key factor in the disease. This positions bezuclastinib as a competitive option alongside existing treatments like Ayvakit, which, despite its efficacy, has concerns related to central nervous system side effects.
Furthermore, the insights from key opinion leaders in the field suggest a significant commercial opportunity for bezuclastinib. The absence of CNS side effects in bezuclastinib, coupled with its efficacy, makes it an attractive option for both physicians and patients. The potential for bezuclastinib to capture a substantial share of the non-AdvSM market, possibly splitting it evenly with Ayvakit, indicates a robust market presence and growth potential, justifying the Buy rating.
In another report released on August 25, Guggenheim also reiterated a Buy rating on the stock with a $20.00 price target.