Sagimet Biosciences, a clinical-stage biopharmaceutical company, witnessed an extraordinary surge in its stock prices on Monday following the release of positive results from a Phase 2b study of its leading drug candidate, denifanstat. Denifanstat is aimed at combating non-alcoholic steatohepatitis (NASH), a chronic liver condition.
The San Mateo, Calif., based company observed a remarkable increase in its shares, which doubled in value and reached an all-time high. At present, the shares are priced at $16.03, reflecting a staggering 135% gain. Earlier today, the stock hit its peak at $20.71, marking its highest level since the company’s IPO in July 2023.
In the clinical trial that spanned 52 weeks and focused on NASH patients with stage 2 or 3 fibrosis, denifanstat showcased statistically significant results on primary and multiple secondary endpoints. As a result of these promising findings, Sagimet plans to commence Phase 3 studies later this year.
Considering the absence of FDA-approved drugs for treating NASH, a condition affecting approximately 17 million Americans, Sagimet’s breakthrough represents a significant advancement in the field.
