Wedbush upgrades Cogent to Outperform after better-than-expected trial results

As previously reported, Wedbush analyst David Nierengarten upgraded Cogent Biosciences (COGT) to Outperform from Neutral with a price target of $38, up from $13, based on “better-than-expected” results from the Phase 3 PEAK trial evaluating bezuclastinib plus sunitinib in patients with imatinib-resistant or intolerant gastrointestinal stromal tumors. Based on the data, the firm believes the combo is “poised to become standard of care” in second-line GIST, with potential utility in earlier and later lines, the analyst tells investors.