Sagimet Biosciences (NASDAQ: SGMT) Rebounds Heading into Today’s Close

DENVER, Colo., Jan. 22, 2023 (247marketnews.com)- We included Sagimet Biosciences (NASDAQ:SGMT) in this morning’s Snapshot on the strength of its move, following it announcing positive topline results from Phase 2b FASCINATE-2 clinical trial, when it was trading at $13.85, up $7.03 (+103.08%), on 9.4M shares traded.

Despite a couple of trading halts, it hit a high of $20.71, just about 15 minutes later, but the halts killed Sagimet’s momentum and it dropped to today’s low of $12.10, a little over an hour after it hit today’s high.

Sagimet rebounded from is low and is now trading at 16.21, up $9.39 (+137.76%), on 30.2M. It’s basically been trading between $16 and $17 over the past approximately 45 minutes, so breaking through that channel, on strong volume, could signal how well it closes today’s trading.

“Denifanstat is designed to reduce the three main drivers of NASH, including fat accumulation, inflammation, and fibrosis, both independently and in parallel. The week 52 biopsy results showed that denifanstat achieved statistical superiority over placebo in reduction of fibrosis, via two independent processes of traditional histopathology and AI digital pathology,” said Dave Happel, Chief Executive Officer of Sagimet. “Sagimet is committed to creating novel approaches to target dysfunctional metabolic pathways, and we believe these positive results represent a major advancement in that endeavor. Our next step will be holding an End-of-Phase 2 meeting with the FDA and starting our Phase 3 program for development of denifanstat in NASH with related fibrosis, which we anticipate to begin in the second half of 2024.”

“The over-activity of fatty acid synthase and increased de-novo lipogenesis or DNL plays a critical role in the development of NASH and its progression to cirrhosis,” commented Rohit Loomba, M.D., M.H.Sc., Professor of Medicine, Chief, Division of Gastroenterology and Hepatology, and Director, MASLD Research Center, University of California San Diego, who serves as a scientific advisor for Sagimet on its ongoing development of denifanstat. “Denifanstat is the only FASN inhibitor currently in clinical development for the treatment of NASH with related fibrosis. These data show that blocking fatty acid synthesis in the liver and DNL is a critical approach for NASH resolution and improvements in fibrosis. These results support denifanstat’s mechanism of action and the impact of addressing these multiple pathways simultaneously. Moreover, the safety profile supports the further development of denifanstat in NASH patients.”

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