By Colin KellaherSagimet Biosciences more than doubled and hit an all-time high Monday after the clinical-stage biopharmaceutical company reported positive results from a Phase 2b study of its lead drug candidate denifanstat to treat non-alcoholic steatohepatitis, the chronic liver condition commonly known as NASH. Shares of the San Mateo, Calif., company were recently changing hands at $16.03, up 135%, after earlier reaching $20.71, their highest level since the company went public in July 2023. Sagimet said denifanstat achieved statistically significant results on primary and multiple secondary endpoints in a 52-week clinical trial of NASH patients with stage 2 or 3 fibrosis, and that it expects to begin Phase 3 studies later this year. There are currently no FDA-approved drugs to treat NASH, which is caused by a buildup of fat in the liver and is estimated to affect 17 million Americans. Write to Colin Kellaher at colin.kellaher@wsj.com

Source: Wall Street Journal January 22, 2024 16:55 UTC