Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus PT from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned an average rating of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $23.00.

SGMT has been the topic of several analyst reports. Oppenheimer began coverage on Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 target price on the stock. UBS Group initiated coverage on Sagimet Biosciences in a research note on Tuesday, November 12th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research note on Friday, November 15th.

Sagimet Biosciences Price Performance

Shares of NASDAQ:SGMT opened at $4.31 on Friday. The company’s 50-day moving average price is $4.90 and its two-hundred day moving average price is $4.23. Sagimet Biosciences has a one year low of $2.39 and a one year high of $11.76.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jacksonville Wealth Management LLC bought a new stake in Sagimet Biosciences in the 4th quarter valued at about $45,000. Stoneridge Investment Partners LLC raised its position in shares of Sagimet Biosciences by 22.2% in the fourth quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock valued at $94,000 after buying an additional 3,780 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Sagimet Biosciences in the third quarter valued at approximately $119,000. Barclays PLC grew its holdings in shares of Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock worth $159,000 after purchasing an additional 7,178 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Sagimet Biosciences by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock valued at $199,000 after purchasing an additional 28,690 shares in the last quarter. 87.86% of the stock is owned by 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.