Cogent Biosciences Rated as a Buy at Citi on Robust Pipeline

Cogent Biosciences, Inc. (NASDAQ:COGT) is one of the best biotech stocks to buy according to billionaire Steve Cohen. On July 18, Citi raised its price target of the stock to $22 from $15 while maintaining a ‘Buy’ rating.

The price target hike comes as the company delivers top-line results from bezuclastinib (bezu) in non-advanced systemic mastocytosis (NonAdvSM). According to Citi, investors are increasingly viewing bezuclastinib as an improvement over Blueprint’s Ayvakit. The research firm expects the company to deliver positive symptom and biomarker data at ASH in December.

Beyond bezuclastinib, Cogent Biosciences is also advancing its other pipeline candidates. The company plans to release advanced systemic mastocytosis (AdvSM) data from the APEX trial in the second half of the year. It will also provide results from the PEAK trial for gastrointestinal stromal tumors (GIST).

Cogent Biosciences, Inc. (NASDAQ:COGT) is a biotechnology company that develops precision therapies for genetically defined diseases. It focuses on diseases caused by genetic mutations. Its lead program, bezuclastinib, is a tyrosine kinase inhibitor designed to target the KIT D816V mutation, which drives systemic mastocytosis, as well as other mutations in KIT exon 17.

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