Guggenheim analyst Seamus Fernandez initiated coverage of Sagimet Biosciences (SGMT) with a Buy rating and $27 price target The firm believes the company has “two distinct, underappreciated potential blockbuster opportunities” for its FASN inhibitor portfolio in advanced F4 MASH and moderate-to-severe acne, the analyst tells investors. In MASH, lead asset denifanstat’s Phase 2b FASCINATE-2 data demonstrated competitive efficacy as an oral therapy, while in acne, partner Ascletis has validated denifanstat’s efficacy across a Phase 2 and 3 study in China, the analyst noted.
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