HC Wainwright Reaffirms “Buy” Rating for Sagimet Biosciences (NASDAQ:SGMT)

HC Wainwright reaffirmed their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report sent to investors on Friday,Benzinga reports. They currently have a $32.00 price target on the stock.

A number of other equities research analysts also recently issued reports on SGMT. JMP Securities reduced their price target on shares of 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. UBS Group initiated coverage on shares of Sagimet Biosciences in a research note on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.60.

Sagimet Biosciences Stock Down 7.8 %

Shares of SGMT stock opened at $4.36 on Friday. The firm’s 50-day moving average is $4.55 and its two-hundred day moving average is $4.01. Sagimet Biosciences has a 12 month low of $2.39 and a 12 month high of $20.71.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Barclays PLC grew its holdings in shares of Sagimet Biosciences by 14.3% in the third quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after purchasing an additional 7,178 shares in the last quarter. American International Group Inc. grew its holdings in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after acquiring an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in Sagimet Biosciences during the 1st quarter worth approximately $72,000. ORG Partners LLC acquired a new position in Sagimet Biosciences during the 2nd quarter worth approximately $43,000. Finally, Federated Hermes Inc. grew its holdings in Sagimet Biosciences by 25.9% during the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after acquiring an additional 14,000 shares in the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.

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.