Cogent Biosciences price target raised to $50 from $18 at Leerink

Leerink analyst Andrew Berens raised the firm’s price target on Cogent Biosciences (COGT) to $50 from $18 and keeps an Outperform rating on the shares after the company announced topline results from the Phase 3 PEAK trial evaluating bezuclastinib in combination with sunitinib versus sunitinib monotherapy in patients with gastrointerstinal stromal tumors after progression on first-line therapy imatinib. The firm calls the results obtained in the second-line “the first positive trial in this disease in over a decade” and sees the data “offering unprecedented efficacy to date” and setting a new standard of care in this disease, the analyst tells investors.