Wedbush Morning Call - Jun 22 2026 7:02AM

研报英文原文证据摘录

Wedbush Morning Call - Jun 22 2026 7:02AM

Source: IQVIA; Wedbush Securities, Inc. Research

Sagimet Biosciences Inc. (SGMT)

Rating: OUTPERFORM, 12-Month Price Target: $28.00, Price: $6.53

Refined Focus On Acne With Deni Should Pay Off

We hosted investor meetings and the discussion focused on the U.S. Ph3 study of denifanstat in moderate to severe acne, to

be initiated in 2H26, and the commercial opportunity upon FDA approval. The discussion reinforced our conviction that the

compelling data from partner Ascletis Pharma's (1672.HK, Not Covered) acne studies, which were reviewed and fully accepted

by the FDA during the pre-IND discussion, should support a high probability for deni to receive FDA approval to become a

front line therapy in both adult and adolescent patients. With a strengthened balance sheet supporting a runway through

2028, which according to management should cover 1) NDA submission for deni in acne and certain pre-commercialization

investment, 2) completion of a Ph2 POC study of the next fatty acid synthase (FASN) inhibitor candidate TVB-3567 in acne,

and 3) initiation of a first-in-human study of a topical FASN inhibitor candidate. Initial feedback from investors suggest the

recognition of SGMT as one of the most under-valued biotech stocks, which is consistent with our investment thesis that the

upside potential significantly exceeds downside risk for SGMT.

FDA Recognizes Deni's Proven Efficacy and Safety. Management highlighted positive feedback from the pre-IND discussion,

including 1) FDA's acknowledgment that ance pathology is agnostic to racial background, 2) agreement that an adequately

powered single Ph3 study will be sufficient, and 3) a request by the FDA to enroll adolescent patients 12-17 years old in the

U.S. Ph3 study.