HC Wainwright Reiterates Buy Rating for Sagimet Biosciences (NASDAQ:SGMT)

HC Wainwright reaffirmed their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a $32.00 price objective on the stock.

SGMT has been the topic of a number of other research reports. JMP Securities decreased their price objective on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a report on Thursday, August 15th. UBS Group began coverage on Sagimet Biosciences in a research note on Tuesday. They set a “buy” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Sagimet Biosciences Stock Down 8.7 %

Shares of Sagimet Biosciences stock traded down $0.45 during trading on Friday, reaching $4.73. The company’s stock had a trading volume of 837,486 shares, compared to its average volume of 1,113,555. The business has a 50 day moving average price of $4.52 and a 200-day moving average price of $4.01. Sagimet Biosciences has a 12-month low of $2.25 and a 12-month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.09. On average, sell-side analysts predict that Sagimet Biosciences will post -1.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SGMT. Barclays PLC lifted its stake in Sagimet Biosciences by 14.3% in the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after buying an additional 7,178 shares in the last quarter. American International Group Inc. increased its position in 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 purchasing an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new position in Sagimet Biosciences in the 1st quarter valued at about $72,000. ORG Partners LLC purchased a new position in Sagimet Biosciences in the 2nd quarter valued at about $43,000. Finally, Federated Hermes Inc. grew its holdings in shares of Sagimet Biosciences by 25.9% during the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after buying an additional 14,000 shares in the last quarter. 87.86% of the stock is owned by hedge funds and other institutional investors.

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.