Why Sagimet Biosciences Stock Is Soaring Today
Investors had every reason to suspect today's news from Sagimet Biosciences (NASDAQ: SGMT) was coming sooner or later. Nevertheless, seeing the official announcement has clearly proven inspiring. As of 11:40 a.m. ET Monday, SGMT shares are up a hefty 45.2%, reaching a high last seen in November.
The news? Following a successful Phase 3 trial in China, the biopharma company now plans to initiate Phase 3 trials of its acne-fighting denifanstat in the United States.
It's not the only drug in Sagimet's pipeline, for the record. Its TVB-3567 is also in Phase 1 trials as an acne treatment, as well as currently in preclinical studies as a treatment for solid tumors. Denifanstat also recently ended Phase 1 testing as a combo therapy for metabolic dysfunction associated steatohepatitis (MASH), with Phase 2 trials for this purpose expected to be ready in the latter half of this year.
Source Fool.com
