Cogent Biosciences price target raised at Jefferies after ‘home run’ data

Jefferies raised the firm’s price target on Cogent Biosciences (COGT) to $28 from $23 and keeps a Buy rating on the shares after Cogent announced the registration-directed Part 2 of the SUMMIT clinical trial of bezuclastinib in patients with non-advanced systemic mastocytosis demonstrated “clinically meaningful and highly statistically significant improvements” across the primary and all key secondary endpoints. The firm, which thinks the SUMMIT data “hit the home run scenario,” notes that its prior survey work suggests about a $1B opportunity for bezuclastinib “in ISM alone.”