In a report released today, Anupam Rama from J.P. Morgan maintained a Buy rating on Cogent Biosciences, with a price target of $25.00.
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Anupam Rama has given his Buy rating due to a combination of factors related to the promising outlook of Cogent Biosciences’ lead product, bezuclastinib. The recent positive results from the SUMMIT Part 2 trial in non-advanced systemic mastocytosis (NonAdvSM) have highlighted the drug’s potential, particularly in terms of safety and efficacy, which positions it as a strong competitor in the systemic mastocytosis market. This market’s attractiveness was underscored by Sanofi’s acquisition of Blueprint, indicating significant interest and potential for growth.
Furthermore, the bezuclastinib franchise is seen as having blockbuster potential, with a substantial market opportunity in both NonAdvSM and advanced systemic mastocytosis (AdvSM). The drug’s emerging clinical profile suggests it could outperform existing treatments, and the anticipated pivotal data from the PEAK study in gastrointestinal stromal tumors (GIST) adds another layer of potential upside. Rama’s price target of $25 is based on a discounted cash flow analysis, reflecting the promising prospects across these indications, albeit with some risks related to trial outcomes and market competition.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $28.00 price target.