Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Rating of “Moderate Buy” from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $23.00.

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research note on Friday, November 15th. UBS Group began coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Oppenheimer assumed coverage on shares of Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 price objective on the stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SGMT. Victory Capital Management Inc. boosted its stake in Sagimet Biosciences by 49.1% in the second quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock valued at $265,000 after acquiring an additional 25,480 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at $324,000. Acadian Asset Management LLC boosted its position in shares of Sagimet Biosciences by 96.0% in the 2nd quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock worth $232,000 after purchasing an additional 33,522 shares in the last quarter. Federated Hermes Inc. grew its stake in Sagimet Biosciences by 25.9% during the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after buying an additional 14,000 shares during the last quarter. Finally, Ground Swell Capital LLC acquired a new position in Sagimet Biosciences during the 2nd quarter valued at about $78,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Trading Down 4.7 %

Shares of SGMT stock opened at $4.50 on Wednesday. Sagimet Biosciences has a twelve month low of $2.39 and a twelve month high of $20.71. The stock has a fifty day simple moving average of $5.22 and a two-hundred day simple moving average of $4.07.

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.