Sagimet Biosciences (NASDAQ:SGMT) Research Coverage Started at Oppenheimer

Oppenheimer initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report sent to investors on Friday, MarketBeat Ratings reports. The firm issued an outperform rating and a $30.00 price target on the stock.

Several other analysts have also issued reports on the stock. UBS Group assumed coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They set a “buy” rating and a $12.00 target price for the company. JMP Securities cut their price objective on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report on Thursday, August 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a report on Friday, November 15th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Sagimet Biosciences Price Performance

NASDAQ SGMT opened at $5.10 on Friday. Sagimet Biosciences has a 1-year low of $2.39 and a 1-year high of $20.71. The business’s fifty day moving average price is $5.06 and its 200-day moving average price is $4.06.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Barclays PLC increased its stake in Sagimet Biosciences by 14.3% in the 3rd 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. ORG Partners LLC purchased a new stake in shares of Sagimet Biosciences during the second quarter worth about $43,000. Federated Hermes Inc. raised its stake in Sagimet Biosciences by 25.9% during the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock valued at $233,000 after purchasing an additional 14,000 shares during the period. Nations Financial Group Inc. IA ADV bought a new position in Sagimet Biosciences in the 2nd quarter worth approximately $51,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Sagimet Biosciences during the 1st quarter valued at approximately $91,000. Hedge funds and other 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.