** Drug developer Sagimet Biosciences' SGMT.O shares rise 8.4% to $5.05
** Oppenheimer starts coverage with "outperform" rating and PT at $30 — a 543.8% premium to Thursday's close of $4.66
** Brokerage sees "underappreciated opportunity" in co's lead experimental drug, denifanstat, being developed to treat metabolic dysfunction-associated steatohepatitis (MASH)
** MASH is a severe liver disease caused by fat buildup, leading to inflammation and damage
** The MASH market is dominated by Madrigal Pharmaceuticals' MDGL.O Rezdiffra
** "We see SGMT as ultimately benefiting from MDGL's build-out of the MASH market as diagnosis rates and reimbursement improve," brokerage says
** Oppenheimer expects risk-adjusted peak total revenues of ~$1.9 bln for denifanstat in 2040
** Including session's move, stock down 8.5% YTD
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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