Raymond James Doubles Cogent Price Target to $60 After Landmark GIST Trial Data

Core Viewpoint - Raymond James raised its price target on Cogent Biosciences Inc. to $60 from $30, reiterating a Strong Buy rating following a significant data release in GIST treatment, leading to a 119% surge in Cogent shares [1] Group 1: Clinical Trial Results - The PEAK clinical trial demonstrated a 7.3-month progression-free survival advantage for Cogent's treatment compared to standard sunitinib monotherapy in second-line GIST, marking a notable efficacy gain in the field [1] Group 2: Revenue Projections - The results from the clinical trial opened a $4 billion incremental revenue opportunity for Cogent, with revised GIST revenue projections of $194 million for fiscal 2027, $445 million for 2028, $759 million for 2029, and $1.03 billion for 2030 [2] - These revisions contributed approximately $25 per share to Cogent's discounted cash flow and sum-of-parts valuation [2] Group 3: Future Expectations - Strong expectations are set for Cogent's systemic mastocytosis therapy, with a New Drug Application anticipated by the end of 2025 and potential approval and launch between Q2 and Q3 of 2026 [3] - Cogent is reaffirmed as the top pick among small-cap biotech names by Raymond James [3]