TD Cowen analyst Ritu Baral established a $21 price target for Sagimet Biosciences (SGMT) and maintained its Buy rating. The target was established after the company announced it will prioritize development of Ph3-ready deni’ in mod/sev acne, pursuing only non-dilutive funding to support any further MASH development. With a focused capital allocation strategy, FDA alignment on deni’s Ph3 acne trial design, significantly de-risked topline data, and provides a clearer line-of-sight to revenues.
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