Piper Sandler increased its price target for Cogent Biosciences Inc. shares to $52 from $39 and retained an Overweight rating on the stock. The upgraded target implies material upside relative to the prevailing share price of $37.62, despite Cogent having already posted a 364% return over the past year.
The firm pointed to a strategic shift at Cogent from clinical proof-of-concept toward regulatory submissions and preparations for commercialization following fourth-quarter 2025 results. Management has advanced bezuclastinib through a sequence of filings: Cogent submitted a New Drug Application (NDA) for bezuclastinib in non-advanced systemic mastocytosis, with acceptance of that filing expected this month. The company also plans to file an NDA for second-line gastrointestinal stromal tumors (GIST) in April, plus an NDA for advanced systemic mastocytosis in the first half of 2026.
Market measures put Cogent’s enterprise at a market capitalization of $5.72 billion, despite the company not recording profitability over the last twelve months. Piper Sandler highlighted that bezuclastinib produced positive pivotal data across three indications in 2025, and cautioned that execution - moving from data to launch - will now be the primary focus for the business.
Management’s public timeline positions bezuclastinib for potential regulatory approval and a commercial launch in the second half of 2026. Separately, Cogent has continued to develop its broader pipeline: clinical data are expected this year for the FGFR2/3 inhibitor CGT4859, while dose escalation is anticipated to be completed for both the selective ErbB2 inhibitor CGT4255 and the PI3Kα inhibitor CGT6297.
In regulatory developments concurrent with these filings, the company received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for bezuclastinib when used in combination with sunitinib. That designation is intended to accelerate the review process for therapies that appear to offer substantial improvement over existing treatments, based on results from the company’s PEAK trial.
Other equity research houses have expressed bullish views on Cogent’s trajectory. H.C. Wainwright has maintained a Buy rating with a $52.00 price target. Raymond James reiterated a Strong Buy rating and set a $60.00 target, calling attention to Cogent’s strategic placement in treatment markets for systemic mastocytosis and GIST. UBS initiated coverage with a Buy rating and a $60.00 price target, noting the company’s potential for multiple major regulatory filings in 2026.
Investors should also note the company’s calendar: Cogent’s next scheduled earnings report is set for March 17. Analysts and shareholders will be watching execution milestones related to regulatory interactions, commercial readiness, and ongoing clinical progress across the company’s development programs.
Context for product-focused investors
From a product-adoption perspective, the narrative at Cogent has shifted from generating pivotal clinical data to preparing for market entry. That transition typically requires different capabilities - regulatory coordination, commercial infrastructure, supply chain planning and payer-engagement strategies - and the pace and quality of execution on those fronts will materially influence the company’s ability to realize the upside implied by recent analyst targets.
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