Cogent Biosciences: Blockbuster Potential, Premium Valuation, Still A 'Buy'

Cogent Biosciences, Inc. maintains a Buy rating as bezuclastinib demonstrates blockbuster potential in GIST and systemic mastocytosis (SM) indications. Bezuclastinib nearly doubled median PFS in 2L GIST (PEAK trial), supporting a high peak market share assumption despite competitive pressures. COGT's sum-of-the-parts valuation yields a fair value of $26.54/share, with current cash reserves likely sufficient to reach commercial launch, though dilution risk remains.