Goldman Sachs analyst Andrea Tan downgraded Sagimet Biosciences to Neutral from Buy with a price target of $6, down from $23. The analyst sees the company’s lead asset denifanstat as a “compelling agent” for the treatment of patients with nonalcoholic steatohepatitis on the back of the Phase 2b FASCINATE-2 biopsy data, but says Sagimet is now entering a period of limited value-driving catalysts with the initiation of a Phase 3 program in the second half of 2024 with a design similar to others registrational programs in size and length. The firm also notes both dilutive and non-dilutive financing vehicles are being contemplated to support these efforts.
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