JMP Securities analyst Jonathan Wolleben raised the firm’s price target on Sagimet Biosciences to $47 from $31 and keeps an Outperform rating on the shares. Denifanstat hit both NASH resolution and fibrosis endpoints in its Phase 2b FASCINATE-2 trial derisking Phase 3, which is slated to start in the second half of 2024, the firm notes. JMP continues to recommend the shares even with the 160% move higher as the company’s market cap remains at a substantial discount to FGF21 players.
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