Sagimet Biosciences price target raised to $37 from $29 at Clear Street

Clear Street raised the firm’s price target on Sagimet Biosciences (SGMT) to $37 from $29 and keeps a Buy rating on the shares. The firm says the 52-week open-label Phase 3 safety update for denifanstat “was largely a clearing event.” Although efficacy was not the primary focus, Sagimet noted sustained and progressive improvement over time in patients who remained on denifanstat beyond the initial 12 weeks, the analyst tells investors in a research note. Clear Street sees this as a validating long-term dataset with direct read-through to Sagimet’s next-generation FASN inhibitor, TVB-3567.