Cogent Biosciences price target raised to $20 from $17 at Guggenheim

Guggenheim raised the firm’s price target on Cogent Biosciences (COGT) to $20 from $17 and keeps a Buy rating on the shares, citing increased conviction in the gastrointestinal stromal tumor opportunity following the recent announcement of positive topline data from the Phase 3 SUMMIT study of bezuclastinib. The firm, which thinks bezuclastinib in combination with sunitinib appears well-positioned for success in the PEAK study, believes “some modest value for GIST” is reflected in the current valuation, but sees an “asymmetric risk/reward” heading into the PEAK data readout.