Citi adds ‘upside 30-day catalyst watch’ on Cogent Biosciences

Citi is opening a “30-day upside catalyst watch” on Cogent Biosciences (COGT) ahead of topline results from bezuclastinib’s Part 2 registrational portion of the Phase 2 SUMMIT trial in non-advanced systemic mastocytosis patients that are expected in July. The Street has underestimated the potential for bezuclastinib to demonstrate efficacy superiority versus Ayvakit, while overestimating the chances of severe safety signals, argues the analyst, who has a Buy rating and $15 price target on Cogent shares and views the risk/reward setup as “skewed highly positively.”