Sagimet Biosciences reports acne treatment efficacy and faces price target cut

Sagimet Biosciences has reported long-term efficacy data for its acne treatment, denifanstat, from an open-label extension study conducted in China. The study, involving 240 patients with moderate to severe acne, showed an overall 56.7 per cent response rate based on the Investigator’s Global Assessment threshold. Additionally, total lesion counts decreased by a mean of 71.8 per cent, while inflammatory lesions fell by 76.9 per cent.

The company stated that its current cash reserves of approximately US$257.6 million are expected to fund operations through 2028, covering its planned Phase 3 clinical trials in the United States. Patient screening for these upcoming U.S. trials is anticipated to begin in October.

In financial news, analysts have adjusted their outlook on Sagimet Biosciences (NASDAQ: SGMT). Citizens JMP lowered its price target for the stock from $29.00 to $27.00 while maintaining a ‘market outperform’ rating. Other recent analyst actions include a ‘sell’ rating from Goldman Sachs with a $7.00 target and an ‘overweight’ rating from Cantor Fitzgerald with a $10.71 target.