On Monday, Piper Sandler expressed continued confidence in Cogent Biosciences (NASDAQ:COGT), maintaining an Overweight rating and a $23.00 price target on the company's stock. The firm's stance comes as anticipation builds for the upcoming American Society of Hematology (ASH) update, which is expected to provide comprehensive data from Cogent's bezuclastinib trials, SUMMIT (ISM) and APEX (AdvSM), next month.
The endorsement follows what the firm perceives as an unwarranted sell-off earlier in November. Piper Sandler advises investors to consider the data already available and the forthcoming results in a broader context. The firm highlights that, despite safety concerns raised about bezuclastinib in comparison to competitor Ayvakit, the latter has reported significant rates of all-grade AST and ALT elevations in Advanced Systemic Mastocytosis (AdvSM) as per its label.
Cogent's bezuclastinib has shown signs of liver impact, even at the low 25mg dose used in Indolent Systemic Mastocytosis (ISM) trials. Piper Sandler believes these issues are often overlooked in competitive discussions. As further details on bezuclastinib's clinical profile emerge, Piper Sandler anticipates the drug will demonstrate superior efficacy with a modest safety tradeoff, potentially establishing it as the best in its class.
The upcoming ASH update is expected to be a significant event for Cogent, as it will provide investors and stakeholders with a clearer picture of bezuclastinib's potential in treating systemic mastocytosis. Piper Sandler's current assessment underscores a positive outlook for Cogent's stock performance heading into the update.
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