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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average rating of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $23.00.

SGMT has been the subject of several recent analyst reports. Oppenheimer assumed coverage on shares of Sagimet Biosciences in a report on Friday, December 6th. They issued an “outperform” rating and a $30.00 target price for the company. UBS Group started coverage on Sagimet Biosciences in a research report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a report on Friday, November 15th.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of SGMT. Squarepoint Ops LLC purchased a new stake in Sagimet Biosciences during the second quarter valued at $324,000. ORG Wealth Partners LLC purchased a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at about $119,000. Barclays PLC lifted its stake in shares of Sagimet Biosciences by 14.3% in the 3rd 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 period. Geode Capital Management LLC boosted its holdings in shares of Sagimet Biosciences by 56.7% in the third 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 last quarter. Finally, JPMorgan Chase & Co. grew its position in Sagimet Biosciences by 66.2% during the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock valued at $199,000 after buying an additional 28,690 shares during the period. 87.86% of the stock is owned by institutional investors.

Sagimet Biosciences Stock Performance

Shares of NASDAQ:SGMT opened at $4.06 on Friday. The business has a fifty day moving average price of $4.88 and a 200-day moving average price of $4.23. Sagimet Biosciences has a 1-year low of $2.39 and a 1-year high of $11.12.

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.