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Investing.com - Jefferies raised its price target on Cogent Biosciences (NASDAQ:COGT) stock to $28.00 from $23.00 on Monday, while maintaining a Buy rating. The stock, currently trading at $9.93, has shown strong momentum with analyst targets ranging from $7 to $25, according to InvestingPro data.
The investment firm cited impressive pivotal SUMMIT trial data for non-advanced systemic mastocytosis (non-AdvSM), noting that all primary and secondary endpoints achieved statistical significance.
The data showed a placebo-adjusted Total (EPA:TTEF) Symptom Score (TSS) reduction of -8.91, which Jefferies highlighted is approximately 57% higher compared to competing drug Ayvakit, despite Cogent’s trial involving patients with more severe baseline conditions.
Safety profiles appeared favorable, with Grade 3 AST/ALT elevations at 5.9%, an improvement from approximately 10% in previous data, according to the research note.
Jefferies estimates a market opportunity of approximately $1 billion for Cogent’s bezuclastinib in indolent systemic mastocytosis (ISM) alone, with additional potential in advanced systemic mastocytosis (ASM) and gastrointestinal stromal tumor (GIST) representing a total addressable market of approximately $1.3 billion. With a current market capitalization of $1.13 billion, discover more key metrics and 8 additional ProTips with InvestingPro.
In other recent news, Cogent Biosciences announced positive top-line results from its SUMMIT trial of bezuclastinib in patients with non-advanced systemic mastocytosis, achieving statistical significance across all primary and key secondary endpoints. The drug showed an 8.91-point placebo-adjusted benefit in total symptom score at 24 weeks, with a favorable safety profile, supporting its chronic use. Cogent plans to submit a New Drug Application to the FDA by the end of 2025. Leerink Partners responded by raising its price target for Cogent to $18, citing the superior efficacy and safety data compared to competitor treatments. Piper Sandler maintained an Overweight rating with a $24 price target, viewing the drug’s profile as "differentiated and best-in-class."
Meanwhile, Citi maintained its Buy rating and $15 price target, noting a positive risk/reward setup ahead of upcoming clinical trial results. H.C. Wainwright adjusted its price target to $12 from $14, following Cogent’s financial results, which showed a net loss of $0.52 per share for the first quarter of 2025. Despite the price target reduction, H.C. Wainwright reiterated its Buy rating, projecting a positive outlook for Cogent’s stock performance. Cogent reported a strong financial position with $245.7 million in cash and equivalents, expected to support operations into late 2026.
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