Baird analyst Joel Beatty initiated coverage of Cogent Biosciences (COGT) with an Outperform rating and $20 price target. Cogent’s lead agent bezuclastinib is in late-stage development for the treatment of systemic mastocytosis and gastrointestinal stromal tumors, the analyst tells investors in a research note. The firm anticipates Blueprint Medicines’ (BPMC) avapritinib will be approved in May for non-advanced systemic mastocytosis, and go on to have a launch that exceeds expectations, creating a favorable readthrough for Cogent. Baird thinks Cogent’s bezuclastinib will likely be successful in its clinical trials and go on to be approved for systemic mastocytosis given its similarities to avapritinib.
Published first on TheFly
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