11 Most Promising Penny Stocks According to Analysts

4. Cogent Biosciences Inc. (NASDAQ:COGT)

Share Price as of April 15: $4.58

Number of Hedge Fund Holders: 38

Average Upside Potential as of April 15: 249.34%

Cogent Biosciences Inc. (NASDAQ:COGT) is a biotech company that develops precision therapies for genetically defined diseases. Its lead product candidate is bezuclastinib (CGT9486), which is a selective tyrosine kinase inhibitor in a Phase 3 trial. It is designed to target mutations within the KIT receptor tyrosine kinase, which includes the KIT D816V mutation that drives systemic mastocytosis (SM), as well as other mutations found in patients with advanced gastrointestinal stromal tumors.

Cogent has a cash position worth $312 million, which will sustain its operations into late 2026. Its R&D expenses rose to $62 million in Q4 2024 and $232.7 million for the full year due to the accelerated development of Bezuclastinib and other research programs. In February, Cogent presented promising updates from the SUMMIT and APEX trials at the American Society of Hematology (ASH) meeting. It showed improvements in non-advanced SM and encouraging results in advanced SM patients.

In the SUMMIT, patients on 100 mg of bezuclastinib showed a 56% average improvement in symptoms after 24 weeks. In the APEX trial, bezuclastinib achieved a 52% overall response rate (ORR) per mIWG criteria. Cogent Biosciences Inc. (NASDAQ:COGT) expects top-line results from the SUMMIT trial in July 2025 and the APEX trial in H2 2025. It plans to submit the first NDA for bezuclastinib by the end of 2025.