JonesResearch analyst Debanjana Chatterjee raised the firm’s price target on Sagimet Biosciences (SGMT) to $27 from $15 and keeps a Buy rating on the shares. The company reported a positive readout from denifanstat’s Ascletis-partnered Phase 3 acne program, the analyst tells investors in a research note. The firm says its check-in with acne doctor John Barbieri from Harvard Medical School suggests a “highly competitive profile” for FASN inhibition in acne. It now has increased confidence in the mechanism of action as well as the drug’s market size.
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