Sagimet Biosciences initiated with a Buy at UBS

UBS initiated coverage of Sagimet Biosciences (SGMT) with a Buy rating and $12 price target As one of the more potent anti-fibrotics UBS has seen after the recent Phase 2b data, Sagimet’s fatty acid synthase inhibitor denifanstat could have a place particularly in move severe F3 patients, the analyst tells investors in a research note. The firm says competitive data and unique mechanism of action with a safe oral could carve out share for denifanstat in a large metabolic dysfunction-associated steatohepatitis market.