Cogent Biosciences price target raised to $48 from $45 at Jefferies

Jefferies raised the firm’s price target on Cogent Biosciences (COGT) to $48 from $45 and keeps a Buy rating on the shares. Results from the APEX trial showed a 49% overall response rate for bezuclastinib, supporting its potential as a preferred therapy in Advanced Systemic Mastocytosis given its differentiated profile, the analyst tells investors in a research note. In SUMMIT, week-48 data demonstrated deeper clinical responses and strong disease-modifying activity, and with three successful pivotal readouts this year, Cogent appears positioned to pursue an opportunity exceeding $7B, Jefferies says.