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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned a consensus rating of “Moderate Buy” from the seven research firms that are presently covering the stock, 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 twelve-month price objective among brokers that have issued ratings on the stock in the last year is $23.00.

Several brokerages have recently commented on SGMT. 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. UBS Group began coverage on Sagimet Biosciences in a report on Tuesday, November 12th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Oppenheimer initiated coverage on shares of Sagimet Biosciences in a research report on Friday, December 6th. They issued an “outperform” rating and a $30.00 price target for the company.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter worth approximately $324,000. Geode Capital Management LLC raised its stake in shares of Sagimet Biosciences by 56.7% in the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after buying an additional 91,246 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of Sagimet Biosciences in the third quarter valued at $119,000. Acadian Asset Management LLC lifted its position in shares of 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 buying an additional 33,522 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Sagimet Biosciences by 66.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock worth $199,000 after acquiring an additional 28,690 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT opened at $4.97 on Wednesday. Sagimet Biosciences has a 12-month low of $2.39 and a 12-month high of $20.71. The company’s fifty day simple moving average is $5.17 and its 200 day simple moving average is $4.08.

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.