Geode Capital Management LLC Purchases 91,246 Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT)

Geode Capital Management LLC boosted its position in Sagimet Biosciences Inc. (NASDAQ:SGMT) by 56.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 252,298 shares of the company’s stock after acquiring an additional 91,246 shares during the period. Geode Capital Management LLC’s holdings in Sagimet Biosciences were worth $699,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new position in Sagimet Biosciences in the second quarter valued at about $324,000. Victory Capital Management Inc. boosted its holdings in Sagimet Biosciences by 49.1% in the second quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock valued at $265,000 after acquiring an additional 25,480 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Sagimet Biosciences by 96.0% in the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock valued at $232,000 after acquiring an additional 33,522 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Sagimet Biosciences by 25.9% in the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock valued at $233,000 after acquiring an additional 14,000 shares during the last quarter. Finally, Barclays PLC boosted its holdings in 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 acquiring an additional 7,178 shares during the last quarter. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $5.18 on Friday. Sagimet Biosciences Inc. has a 1 year low of $2.39 and a 1 year high of $20.71. The stock’s 50-day moving average price is $5.18 and its two-hundred day moving average price is $4.14.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SGMT shares. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Sagimet Biosciences in a report 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 target price on the stock. Finally, Oppenheimer began coverage on Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

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.