Intel stock extends gains after report of possible U.S. government stake
Investing.com - Citi has raised its price target on Cogent (NASDAQ:COGT) to $22.00 from $15.00 while maintaining a Buy rating, citing positive results from the company’s SUMMIT trial. The new target sits well within the analyst range of $9 to $29, with the consensus showing a potential 52% upside from current levels.
The price target increase follows top-line results for Cogent’s bezuclastinib (bezu) in non-advanced systemic mastocytosis (NonAdvSM), which propelled the stock up 69% compared to a 6% rise for the XBI index. The stock’s momentum has continued, with InvestingPro data showing a 52% gain over the past six months and the stock now trading near its 52-week high of $12.61.
Citi notes that investors are beginning to view bezuclastinib as an improvement over Blueprint’s Ayvakit, with key symptom and biomarker data expected at a future medical meeting, potentially at ASH in December.
Beyond the SUMMIT trial, Cogent has two additional registrational readouts scheduled: advanced systemic mastocytosis (AdvSM) data from the APEX trial in the second half of 2025 and gastrointestinal stromal tumor (GIST) results from the PEAK trial by year-end 2025.
Cogent is scheduled to participate in Citi’s 2025 Biopharma Back to School Conference in Boston on September 2-3, which could provide further insights into the company’s pipeline developments.
In other recent news, Cogent Biosciences announced a $150 million public offering of common stock, managed by J.P. Morgan, Leerink Partners, and Guggenheim Securities. The company plans to use the proceeds to further develop its lead product candidate, bezuclastinib, and prepare for its commercial launch. Jefferies raised its price target for Cogent Biosciences to $28, citing positive data from the SUMMIT trial for non-advanced systemic mastocytosis, with all primary and secondary endpoints achieving statistical significance. Similarly, Leerink Partners increased its price target to $18 following favorable trial results, noting a 75% probability of success for bezuclastinib in indolent systemic mastocytosis. Cogent Biosciences reported a strong financial position with a cash balance of $237 million and access to an additional $350 million through a debt facility. The company plans to submit a New Drug Application to the FDA by the end of 2025. Citi maintained its buy rating on Cogent stock, highlighting a positive risk/reward setup ahead of upcoming trial results. The firm expects significant efficacy from bezuclastinib compared to competing treatments, with a manageable safety profile.
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