UBS Group Initiates Coverage on Sagimet Biosciences (NASDAQ:SGMT)

Equities researchers at UBS Group initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note issued on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $12.00 price target on the stock. UBS Group’s price target indicates a potential upside of 99.34% from the stock’s current price.

Other equities research analysts have also issued reports about the company. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research note on Thursday, October 31st. JMP Securities reduced their price objective on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Sagimet Biosciences has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Sagimet Biosciences Trading Up 1.3 %

Shares of NASDAQ:SGMT opened at $6.02 on Tuesday. The business’s 50 day moving average price is $4.43 and its 200-day moving average price is $4.00. Sagimet Biosciences has a 1 year low of $2.25 and a 1 year high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.09. Research analysts predict that Sagimet Biosciences will post -1.56 EPS for the current year.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. increased its stake in shares of Sagimet Biosciences by 312.0% in the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after acquiring an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in Sagimet Biosciences during the first quarter worth about $72,000. ORG Partners LLC acquired a new stake in Sagimet Biosciences during the second quarter worth about $43,000. Federated Hermes Inc. raised its stake in Sagimet Biosciences by 25.9% during the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after purchasing an additional 14,000 shares during the period. Finally, Nations Financial Group Inc. IA ADV acquired a new position in Sagimet Biosciences in the 2nd quarter valued at about $51,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.