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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
SPX,
is up 19.9%.
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