JMP Securities analyst Jonathan Wolleben lowered the firm’s price target on Sagimet Biosciences to $32 from $48 and keeps an Outperform rating on the shares. JMP continues to think denifanstat has one of the better overall target product profiles, with a differentiated mechanism as the only oral fatty acid synthase, or FASN, inhibitor in the pipeline, and points to a “massive dislocation” in value between Sagimet and its two closest NASH peers, the analyst tells investors in a research note. The firm thinks the company will need to raise additional funds to get through Phase 3, and notes that in June, management discussed options to bolster its balance sheet, including geographic partnerships for denifanstat in NASH and partnerships for acne.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SGMT:
- Sagimet Biosciences Reports Second Quarter 2024 Financial Results and Provides Corporate Updates
- Sagimet Biosciences Expands Board with Two Key Appointments
- Sagimet Biosciences appoints Phillips, Jarrett to board of directors
- Sagimet Biosciences Announces Appointment of Anne Phillips and Jennifer Jarrett to its Board of Directors
- Sagimet Biosciences participates in a conference call with Piper Sandler