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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $23.00.

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

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of Sagimet Biosciences by 56.7% during the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after purchasing an additional 91,246 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Sagimet Biosciences during the 2nd quarter valued at $324,000. Victory Capital Management Inc. boosted its stake in shares of Sagimet Biosciences by 49.1% in the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock worth $265,000 after buying an additional 25,480 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Sagimet Biosciences by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock worth $199,000 after acquiring an additional 28,690 shares during the period. Finally, Acadian Asset Management LLC increased its position in Sagimet Biosciences by 96.0% during the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock valued at $232,000 after acquiring an additional 33,522 shares during the last quarter. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Up 10.7 %

Shares of NASDAQ SGMT opened at $4.97 on Wednesday. The company has a 50 day simple moving average of $5.17 and a two-hundred day simple moving average of $4.08. Sagimet Biosciences has a fifty-two week low of $2.39 and a fifty-two week high of $20.71.

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.