On Friday, Piper Sandler maintained its Overweight rating on Cogent Biosciences shares, with a steady price target of $22.00. The firm's positive stance comes after early but noteworthy data from the first part of the Phase 3 PEAK study, which is assessing the combination of bezuclastinib and sunitinib in second-line gastrointestinal stromal tumors (GIST).
The preliminary results have shown particular effectiveness in a subset of patients who have only been treated with imatinib prior to the study. These findings are significant when compared to results from the Phase 3 INTRIGUE study, which tested the efficacy of sunitinib alone in a similar patient population.
Cogent's bezuclastinib, when used in combination with sunitinib, has demonstrated a median progression-free survival (mPFS) of 19.4 months, which is more than double the 8.3 months observed with sunitinib monotherapy. Additionally, the objective response rate (ORR) for the combination therapy was 33.3%, nearly doubling the 17.6% ORR for sunitinib alone.
The updated data from this study is highly anticipated and is scheduled to be presented on June 1, 2024, at the American Society of Clinical Oncology (ASCO) meeting. The positive early data suggests that bezuclastinib's utility in treating 2L GIST could be increasingly recognized.
Moreover, the completion of PEAK study enrollment is now expected in the third quarter of 2024, ahead of the previous year-end 2024 projection. This advancement could signify the growing potential of this treatment combination to be factored into Cogent Biosciences' stock value.
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