Neutral Hold Rating on Cogent Biosciences with a $8 Price Target Amidst Clinical and Market Evaluation

In a report released on May 10, Colleen M. Kusy from Robert W. Baird maintained a Hold rating on Cogent Biosciences (COGT – Research Report), with a price target of $8.00.

Colleen M. Kusy’s rating is based on a thorough evaluation of Cogent Biosciences and its lead candidate, bezuclastinib, which is in development for several indications, including systemic mastocytosis and gastrointestinal stromal tumors (GIST). Kusy notes that the company’s progress in enrollment for three pivotal studies is moving forward as planned, with key data readouts anticipated in 2025. Despite recognizing the active nature of bezuclastinib and its potential in multiple markets, Kusy maintains a Neutral position, taking into account the current market valuation of the company and its prospects.

The Hold rating reflects a cautious stance due to the unexpected lack of dose response in the SUMMIT Part 1 trial, coupled with skepticism about bezuclastinib’s ability to differentiate from existing competitors in the non-advanced systemic mastocytosis market. Furthermore, while the enrollment targets and timelines are being met for the ongoing studies, with significant data points set to be revealed in the near future, the company’s financial results show a net loss that slightly exceeded expectations. However, with sufficient cash reserves to support operations into 2027, Kusy deems the current stock valuation as fair, warranting the Hold rating and an $8 price target.

COGT’s price has also changed slightly for the past six months – from $6.900 to $7.560, which is a 9.57% increase.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Cogent Biosciences (COGT) Company Description:

Unum Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel immunotherapy products designed to harness the power of a patient’s immune system to cure cancer. The firm’s technologies include Antibody-Coupled T-cell Receptor, which is a chimeric protein that binds to tumor targeting antibodies. The company was founded by Charles Wilson and Dario Campana in March 2014 and is headquartered in Cambridge, MA.