Clear Street analyst Kaveri Pohlman initiated coverage of Sagimet Biosciences (SGMT) with a Buy rating and $29 price target. Once-daily oral denifanstat had “exceptional” Phase 2b F2-F3 data, “outstanding” Phase 3 acne results, and forward-looking development plans for F4C in combination with Madrigal Pharmaceuticals’ (MDGL) Rezdiffra, the analyst tells investors. The firm sees Sagimet as “a compelling growth story,” stating that using “conservative valuation metrics,” the firm’s target implies substantial upside when compared to Boston Pharma’s recent $1.2B upfront acquisition value.
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