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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $23.00.

SGMT has been the subject of a number of recent analyst reports. 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 price target for the company. Oppenheimer initiated coverage on shares of Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Sagimet Biosciences in a research note on Friday, November 15th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in Sagimet Biosciences by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,938 shares during the period. Stoneridge Investment Partners LLC boosted its position in Sagimet Biosciences by 22.2% during the 4th quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock valued at $94,000 after purchasing an additional 3,780 shares during the period. Wells Fargo & Company MN acquired a new position in Sagimet Biosciences during the 4th quarter valued at approximately $31,000. Barclays PLC boosted its position in Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after purchasing an additional 7,178 shares during the period. Finally, Jacksonville Wealth Management LLC acquired a new position in shares of Sagimet Biosciences during the fourth quarter valued at $45,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Sagimet Biosciences Trading Up 2.2 %

Shares of Sagimet Biosciences stock opened at $4.12 on Thursday. Sagimet Biosciences has a 52-week low of $2.39 and a 52-week high of $7.64. The company has a 50 day moving average of $4.69 and a 200 day moving average of $4.37.

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.