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Strategies & Market Trends : The Art of Investing
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To: Sun Tzu who wrote (9500)1/7/2025 10:58:58 AM
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seekingalpha.com

Sagimet started at outperform by Oppenheimer, MASH drug cited

Dec. 06, 2024 1:56 PM ET Sagimet Biosciences Inc. (SGMT) Stock MDGL, ASCLFBy: Val Brickates Kennedy, SA News Editor

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Shares of Sagimet Biosciences (NASDAQ: SGMT) rose 7% Friday after Oppenheimer started coverage of the stock with an outperform rating, citing the company's lead asset denifanstat.

Oppenheimer said it sees an “underappreciated opportunity” for denifanstat in the treatment of MASH. The bank sees the potential market for MASH at around $15B.

“We anticipate a near-term catalyst upon SGMT ( SGMT) raising ~$200M additional capital for ongoing Phase 3 registrational trials by leveraging denifanstat's competitive profile based on Phase 2b data,” the investment bank said in a note.

Jefferies also sees Sagimet ( SGMT) benefitting from rival Madrigal’s ( MDGL) build-out of the MASH market. It added that Sagimet’s ( SGMT) partnership with Ascletis ( OTCPK:ASCLF) “could provide additional value creation with Phase 3 readouts for denifanstat in glioblastoma expected in 1H25 and acne in 2H25.”

The bank set its price target for the stock at $30.
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