Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus PT from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given an average recommendation of “Moderate Buy” by the seven analysts that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $23.00.

A number of research firms have weighed in on SGMT. JMP Securities cut their price target on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 15th. HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research report on Friday, November 15th. UBS Group assumed coverage on Sagimet Biosciences in a report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Oppenheimer began coverage on shares of Sagimet Biosciences in a report on Friday. They set an “outperform” rating and a $30.00 price objective on the stock.

Institutional Trading of Sagimet Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Sagimet Biosciences by 364.9% in the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after purchasing an additional 894,319 shares during the period. Squarepoint Ops LLC acquired a new position in Sagimet Biosciences in the 2nd quarter valued at about $324,000. Geode Capital Management LLC raised its stake in Sagimet Biosciences by 56.7% during the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after acquiring an additional 91,246 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at approximately $119,000. Finally, Acadian Asset Management LLC lifted 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 worth $232,000 after acquiring an additional 33,522 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $5.05 on Friday. The firm’s fifty day simple moving average is $5.10 and its 200-day simple moving average is $4.07. Sagimet Biosciences has a twelve month low of $2.39 and a twelve month high of $20.71.

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.