Sagimet Biosciences’ (SGMT) Market Outperform Rating Reaffirmed at JMP Securities

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “market outperform” rating reiterated by analysts at JMP Securities in a research note issued on Friday, Benzinga reports. They presently have a $48.00 price target on the stock.

A number of other equities research analysts have also recently commented on SGMT. Leerink Partnrs reissued an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. The Goldman Sachs Group decreased their price objective on Sagimet Biosciences from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, May 16th. SVB Leerink initiated coverage on Sagimet Biosciences in a research note on Monday, March 25th. They set an “outperform” rating and a $26.00 target price on the stock. 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. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $39.20.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock traded up $0.08 during trading hours on Friday, reaching $4.78. The stock had a trading volume of 153,028 shares, compared to its average volume of 1,243,820. The business’s 50 day moving average price is $4.64 and its 200-day moving average price is $5.64. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel bought 12,100 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average price of $5.27 per share, with a total value of $63,767.00. Following the completion of the acquisition, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SGMT. Ikarian Capital LLC acquired a new stake in shares of Sagimet Biosciences during the 1st quarter worth approximately $2,236,000. Price T Rowe Associates Inc. MD purchased a new position in Sagimet Biosciences in the first quarter valued at $91,000. American International Group Inc. boosted its stake in shares of Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after acquiring an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Sagimet Biosciences during the 1st quarter valued at about $72,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Sagimet Biosciences in the 1st quarter valued at about $188,000. 87.86% of the stock is owned by institutional investors and hedge funds.

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.