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

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They currently have a $32.00 price target on the stock.

Several other brokerages also recently issued reports on SGMT. UBS Group initiated coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price objective for the company. Oppenheimer began coverage on Sagimet Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $30.00 price objective for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Sagimet Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT traded down $0.19 on Tuesday, hitting $3.35. The company had a trading volume of 270,072 shares, compared to its average volume of 1,012,246. Sagimet Biosciences has a 12-month low of $2.39 and a 12-month high of $7.38. The business has a 50 day moving average of $4.36 and a two-hundred day moving average of $4.45.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in Sagimet Biosciences by 257.1% in the fourth quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock worth $3,120,000 after purchasing an additional 499,094 shares during the period. 683 Capital Management LLC bought a new position in Sagimet Biosciences in the fourth quarter worth about $622,000. Geode Capital Management LLC boosted its stake in Sagimet Biosciences by 56.7% in the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after acquiring an additional 91,246 shares during the period. Bridgeway Capital Management LLC raised its position in shares of Sagimet Biosciences by 62.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company’s stock worth $1,008,000 after purchasing an additional 85,800 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Sagimet Biosciences during the 4th quarter worth approximately $263,000. Institutional investors own 87.86% of the company’s stock.

About Sagimet Biosciences

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.