Sagimet Biosciences (NASDAQ:SGMT) Receives “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Friday,Benzinga reports. HC Wainwright currently has a $32.00 price target on the stock.

Several other analysts also recently commented on the stock. JMP Securities cut their price objective on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 15th. UBS Group began coverage on shares of Sagimet Biosciences in a report on Tuesday, November 12th. They set a “buy” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.60.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock opened at $4.73 on Friday. Sagimet Biosciences has a 12 month low of $2.25 and a 12 month high of $20.71. The business’s fifty day simple moving average is $4.52 and its two-hundred day simple moving average is $4.01.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. increased its position in shares of Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after purchasing an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in Sagimet Biosciences in the first quarter worth approximately $72,000. ORG Partners LLC purchased a new position in shares of Sagimet Biosciences during the 2nd quarter worth $43,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at $51,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Sagimet Biosciences in the 1st quarter worth $91,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Company Profile

Sagimet Biosciences Inc, a clinical-stage biopharmaceutical company, develops therapeutics called fatty acid synthase (FASN) inhibitors for the treatment of diseases that result from dysfunctional metabolic pathways in the United States. The company’s lead drug candidate is Denifanstat, a once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction associated steatohepatitis.