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Investing.com - Raymond James has reiterated its Strong Buy rating and $30.00 price target on Cogent (NASDAQ:COGT), which has seen its shares surge 67% over the past six months. According to InvestingPro data, analysts’ price targets range from $11 to $30, suggesting significant potential upside as the company approaches three significant fourth-quarter 2025 catalysts for its drug bezuclastinib.
The firm highlighted upcoming pivotal data from the PEAK Phase 3 trial in gastrointestinal stromal tumors (GIST) and the APEX Phase 2 trial in advanced systemic mastocytosis (AdvSM), along with a planned New Drug Application filing for non-advanced systemic mastocytosis (NonAdvSM). The biotech company, currently valued at $1.67 billion, maintains a strong liquidity position with its current ratio of 4.19x, according to InvestingPro analysis.
Raymond James noted that the pre-specified number of progression events for the PEAK trial has not yet been reached, while also discussing the commercial planning for the anticipated NonAdvSM approval and launch expected in the third or fourth quarter of 2026.
The firm views bezuclastinib as a "best-in-class agent" in systemic mastocytosis and maintains a positive outlook on the PEAK trial results in GIST, which could unlock a $1.5 billion revenue opportunity not currently included in their models.
The research note followed Raymond James’ Strategy Series discussion with Cogent CEO Andy Robbins last week, which has generated "meaningful inbound investor interest" according to the firm. While the company holds more cash than debt on its balance sheet, InvestingPro analysis reveals several additional key metrics and insights available to subscribers, including detailed financial health scores and growth projections.
In other recent news, Cogent Biosciences has been making headlines with several key developments. The company announced positive topline data from the Phase 3 SUMMIT study of its KIT inhibitor, bezuclastinib, in non-advanced systemic mastocytosis. This announcement has led to increased attention from analysts, with Guggenheim raising its price target for Cogent to $20 and Citi increasing its target to $22, both maintaining a Buy rating. Additionally, Jefferies has raised its price target to $28, highlighting the impressive trial data where all primary and secondary endpoints achieved statistical significance.
Raymond James has also added Cogent Biosciences to its Analyst Current Favorites list, citing strong growth potential, particularly for bezuclastinib in the systemic mastocytosis market. Despite these positive developments, Cogent Biosciences plans to raise $150 million through a public offering of common stock, which has garnered attention in the investment community. The company has granted underwriters a 30-day option to purchase an additional $22.5 million of shares under the same terms. These recent developments reflect significant interest and confidence from the analyst community in Cogent Biosciences’ growth prospects.
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