Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Target Price at $23.00

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $23.00.

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

Hedge Funds Weigh In On Sagimet Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of SGMT. Geode Capital Management LLC lifted its position in shares of Sagimet Biosciences by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,938 shares in the last quarter. Stoneridge Investment Partners LLC increased its stake in Sagimet Biosciences by 22.2% in the 4th 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 during the period. Wells Fargo & Company MN purchased a new stake in Sagimet Biosciences in the 4th quarter worth approximately $31,000. Barclays PLC boosted its stake in shares of Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after buying an additional 7,178 shares during the period. Finally, Jacksonville Wealth Management LLC acquired a new stake in shares of Sagimet Biosciences during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT opened at $3.84 on Thursday. The stock’s fifty day simple moving average is $4.58 and its 200 day simple moving average is $4.39. Sagimet Biosciences has a 52-week low of $2.39 and a 52-week high of $7.64.

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.