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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $23.00.

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

Sagimet Biosciences Stock Down 6.7 %

Sagimet Biosciences stock opened at $4.31 on Friday. Sagimet Biosciences has a 12-month low of $2.39 and a 12-month high of $11.76. The stock has a 50-day simple moving average of $4.90 and a 200 day simple moving average of $4.23.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds have recently bought and sold shares of the company. Jacksonville Wealth Management LLC acquired a new stake in Sagimet Biosciences during the 4th quarter worth $45,000. Stoneridge Investment Partners LLC boosted its holdings in shares of Sagimet Biosciences by 22.2% in the fourth 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. ORG Wealth Partners LLC acquired a new stake in shares of Sagimet Biosciences during the third quarter worth $119,000. Barclays PLC raised its holdings in shares of Sagimet Biosciences by 14.3% during the third quarter. Barclays PLC now owns 57,230 shares of the company’s stock worth $159,000 after acquiring an additional 7,178 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Sagimet Biosciences by 66.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock valued at $199,000 after acquiring an additional 28,690 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.