Cogent Biosciences stock drops as analysts see tough competition for mastocytosis treatment
Cogent Biosciences Inc. shares (COGT) fell more than 30% premarket on Monday after the company over the weekend released clinical trial data on its lead drug candidate that failed to outshine potential competitors, in analysts' view. In a trial of bezuclastinib in patients with nonadvanced systemic mastocytosis, a rare blood disorder in which too many mast cells build up in the body, everyone treated with the therapy achieved at least 50% improvement in all relevant biomarker measures, Cogent said Friday at the American Society of Hematology annual meeting in San Diego. But the results failed to clearly differentiate bezuclastinib from Ayvakit, a Blueprint Medicines Corp. (BPMC) mastocytosis treatment that is already on the market, Leerink Partners analysts said in a note Monday. Cogent president and CEO Andrew Robbins said in a statement that the company is "very pleased with the emerging profile bezuclastinib is demonstrating" in mastocytosis patients and is looking to "rapidly advance" to the second part of its phase 2 trial. The Leerink analysts maintained an outperform rating on Cogent shares but cut their price target for the stock to $15, from $20 previously. Cogent shares are down 25% in the year to date, while the S&P 500 is up 19.9%.
-Eleanor Laise
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-11-23 0823ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Disney Earnings: Improved Streaming Results Come at the Expense of Continued Linear Weakness
-
Apple: We Expect New Models and New Chip to Spur Return to iPad Growth
-
Palantir Earnings: AI Platform Drives Strong Start to 2024
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes
-
How to Invest Like Warren Buffett