Jefferies Raises Cogent Biosciences (COGT) PT, Keeps Buy Rating

Cogent Biosciences, Inc. (NASDAQ:COGT) is one of the 10 Best Small-Cap Stocks to Buy According to Billionaires. On July 7, Jefferies increased its price target on Cogent Biosciences, Inc. (NASDAQ:COGT) from $23 to $28 and reiterated a “Buy” rating.

This decision came as the research firm noted strong results from the SUMMIT trial for non-advanced systemic mastocytosis (non-AdvSM). All of the trial’s primary and secondary endpoints achieved statistically significant comparisons in favor of bezuclastinib over placebo.

The data showed a reduction of -8.91 in placebo-adjusted Total Symptom Score (TSS). Jefferies analysts pointed out that this is about 57% better than the competing drug Ayvakit. These results are even more impressive because Cogent Biosciences, Inc.’s (NASDAQ:COGT) trial included patients with more severe baseline conditions.

According to the research note, the safety results were also positive, as Grade 3 AST/ALT elevations came in at 5.9%. This is an improvement from the 10% seen in earlier data.

Jefferies analysts believe that Cogent Biosciences, Inc. (NASDAQ:COGT) will have a market opportunity of approximately $1 billion for bezuclastinib in indolent systemic mastocytosis (ISM). The drug has additional potential in advanced systemic mastocytosis (ASM) and gastrointestinal stromal tumor (GIST), which means the total addressable market could grow.

Cogent Biosciences, Inc. (NASDAQ:COGT) is a biotechnology company focused on developing precision therapies for genetically defined diseases.

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Disclosure: None. This article is originally published at Insider Monkey.