Baird Downgrades Cogent (COGT) to Neutral, 'fairly valued around these levels'

Baird analyst Colleen Kusy downgraded Cogent (NASDAQ: COGT) from Outperform to Neutral with a price target of $8.00 (from $14.00).

The analyst comments "Downgrading to Neutral on lack of clear differentiation, fair value of risk- adjusted market opportunity. Overall, we think the Part 1b data at AAAAI show bezuclastinib is an active drug in non-advanced systemic mastocytosis (NonAdvSM). However, with some confounding data points (inverse dose response) and no clear differentiation versus the approved competitor, we don't see bezu getting higher than a ~25% share of the ISM market. As such, with outstanding clinical/regulatory risk, we think the risk-adjusted market potential is fairly valued around these levels, and we are downgrading to Neutral."

For an analyst ratings summary and ratings history on Cogent click here. For more ratings news on Cogent click here.

Shares of Cogent closed at $7.44 yesterday.

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