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

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

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ground Swell Capital LLC purchased a new stake in shares of Sagimet Biosciences in the 2nd quarter worth approximately $78,000. ORG Wealth Partners LLC bought a new position in Sagimet Biosciences in the third quarter worth approximately $119,000. Barclays PLC raised its stake in Sagimet Biosciences by 14.3% in the third quarter. Barclays PLC now owns 57,230 shares of the company’s stock worth $159,000 after buying an additional 7,178 shares in the last quarter. Federated Hermes Inc. lifted its holdings 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 buying an additional 14,000 shares during the period. Finally, Acadian Asset Management LLC boosted its position in Sagimet Biosciences by 96.0% during the 2nd 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 in the last quarter. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Price Performance

Shares of SGMT stock opened at $5.57 on Wednesday. The stock has a 50 day moving average price of $5.18 and a 200 day moving average price of $4.11. Sagimet Biosciences has a 52-week low of $2.39 and a 52-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.