Oppenheimer analyst Jay Olson reiterated an Outperform rating and $25.00 price target on Sagimet Biosciences Inc (NASDAQ: SGMT)

The analyst commented, "SGMT reported 4Q25 results with $10.8M OpEx and $113.1M cash providing expected runway into 3Q27. We see key recent progress and several upcoming catalysts, including: 1) Ph1 PK study of the denifanstat plus resmetirom combination now supports a Ph2 trial in F4 MASH patients expected to initiate in 2H26; 2) partner Ascletis recently reported positive 52-week Ph3 results for denifanstat in moderate/severe acne demonstrating efficacy with favorable safety/tolerability supporting NDA filing acceptance by the Chinese NMPA, and we expect approval and launch in China ~early 2027; 3) Next-gen. FASN inhibitor TVB-3567 for acne Ph1 study data remains on track for 2026 followed by a Ph2 study pending regulatory alignment. We believe the differentiated MOA of FASN inhibition remains underappreciated while upcoming data readouts could drive upside."

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Shares of Sagimet Biosciences Inc closed at $5.53 yesterday.