Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned an average rating of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $23.00.

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

Sagimet Biosciences Price Performance

Shares of NASDAQ:SGMT opened at $4.50 on Wednesday. The firm has a fifty day simple moving average of $5.22 and a two-hundred day simple moving average of $4.07. Sagimet Biosciences has a 52 week low of $2.39 and a 52 week high of $20.71.

Institutional Investors Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of SGMT. JPMorgan Chase & Co. grew 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 during the last quarter. 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 worth $159,000 after purchasing an additional 7,178 shares during the last quarter. Geode Capital Management LLC increased its stake in Sagimet Biosciences by 56.7% in the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after buying an additional 91,246 shares during the period. ORG Wealth Partners LLC bought a new stake in Sagimet Biosciences during the 3rd quarter valued at about $119,000. Finally, Squarepoint Ops LLC purchased a new stake in Sagimet Biosciences in the 2nd quarter valued at about $324,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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.