BUZZ-JonesTrading starts coverage on drug developer Sagimet with 'buy' rating

Reuters
01-27
BUZZ-JonesTrading starts coverage on drug developer Sagimet with 'buy' rating

** JonesTrading starts coverage on drug developer Sagimet Biosciences SGMT.O with "buy" rating, sets PT at $42

** PT represents 900% upside to stock's last close

** Brokerage says co's experimental drug, denifanstat, is "overlooked potential" in treating metabolic dysfunction-associated steatohepatitis (MASH)

** MASH is a severe liver disease caused by fat buildup, leading to inflammation and damage

** JonesTrading notes denifanstat has " best-in-disease potential for fibrosis improvement as GLP-1 combo" with "well-derisked lead asset" in expanding market

** Brokerage says it estimates peak sales of $1.6 bln for denifanstat in 2034

** SGMT fell 15.6% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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