Cogent Biosciences downgraded to Neutral from Outperform at Baird

Baird downgraded Cogent Biosciences to Neutral from Outperform with a price target of $8, down from $14. The Part 1b data show bezuclastinib is an active drug in non-advanced systemic mastocytosis, but with some “confounding” data points and no clear differentiation versus the approved competitor, the drug is unlikely to get higher than a 25% share of the ISM market, the analyst tells investors in a research note. The firm says that with with outstanding clinical and regulatory risk, Cogent’s risk-adjusted market potential is fairly valued around these levels.