Dec. 30 at 3:08 PM
Raymond James reiterated
$COGT Strong Buy/
$60
BPMC -
$SNY $NVS $OPHLY $CLDX GSK
Here's what Raymond James had to say:
Remain Strong Buy rated on COGT shares following this morning's expected announcement of their first NDA submission of bezuclastinib in Non-Advanced Systemic Mastocytosis (NonAdvSM).
Recall, Cogent has guided to submitting this NDA
by YE25 based on
(1) positive SUMMIT data and
(2) Breakthrough Therapy Designation (BTD) for bezu in patients with smoldering SM (SSM) and those previously treated with avapritinib.
Moreover, Cogent plans to submit two more NDAs in gastrointestinal stromal tumors (GIST) and Advanced SM (ASM) in 1H26.
We anticipate shares will continue to work in 2026 as management executes on these regulatory milestones and as enrollment in bezu's GIST expanded access program progresses.
We currently model bezuclastinib launch in NonAdvSM in 4Q26 and revenues of
$170.5M,
$260.9M,
$487.9M, and
$678.6M for FY27-30, respectively.
