Cogent (COGT) PT Lowered to $17 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns lowered the price target on Cogent (NASDAQ: COGT) to $17.00 (from $19.00) while maintaining a Buy rating.

The analyst commented: "Cogent announced on September 3 that its ongoing Phase 3 PEAK trial, which is evaluating bezuclastinib in combination with sunitinib for the treatment of patients with gastrointestinal stromal tumors (GIST), completed enrollment of 413 patients. Additionally, Cogent completed a pre-planned interim futility analysis, and the Independent Data Monitoring Committee (IDMC) recommended continuing the PEAK study without modification. This pre-specified analysis was based on an assessment of progression-free survival (PFS) as determined by independent central review, and it did not include the option for early stopping due to efficacy. We expect top-line results by the end of 2025. Separately, the registration-directed SUMMIT trial in nonadvanced systemic mastocytosis is expected to complete enrollment in 1Q25, with top-line results expected in 2H25. After taking into account the increased share count, we reiterate our Buy rating, while lowering our 12-month price target to $17 from $19."

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