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Cogent Biosciences initiated with an Outperform at Scotiabank

Scotiabank analyst Louise Chen initiated coverage of Cogent Biosciences (COGT) with an Outperform rating and $17 price target Positive readouts from three registrational studies this year could significantly increase confidence in Cogent’s potentially BIC KITis and drive the stock higher, the firm says. Positive data from Part 1 of these studies help de-risk the upcoming readouts. These assets have U.S. peak sales potential of $3B, but Scotiabank does not believe this is reflected in Cogent’s valuation yet.

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