Raymond James raised its price target on Cogent Biosciences Inc. (NASDAQ: COGT) to $60 from $30 while reiterating a Strong Buy rating after what it called a “groundbreaking” data release in gastrointestinal stromal tumor (GIST) treatment.

Cogent shares surged more than 119% on Monday after its PEAK clinical trial showed a 7.3-month progression-free survival advantage versus standard-of-care sunitinib monotherapy in second-line GIST, marking one of the most significant efficacy gains seen in the field.

The firm estimated the results opened a $4 billion incremental revenue opportunity for Cogent and raised its GIST revenue projections to $194 million in fiscal 2027, $445 million in 2028, $759 million in 2029, and $1.03 billion in 2030. Raymond James said these revisions added about $25 per share to its discounted cash flow and sum-of-parts valuation.

In addition, the analysts cited strong expectations for the company's systemic mastocytosis (SM) therapy, with a New Drug Application expected by the end of 2025 and potential approval and launch between the second and third quarters of 2026. The firm reaffirmed Cogent as its “current top pick” among small-cap biotech names.