Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Average Rating of “Moderate Buy” by Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been assigned an average rating of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $21.60.

SGMT has been the subject of several research analyst reports. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a research report on Friday. JMP Securities reduced their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report on Thursday, August 15th. Finally, UBS Group initiated coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They set a “buy” rating and a $12.00 price target for the company.

Sagimet Biosciences Price Performance

SGMT stock opened at $4.36 on Tuesday. The company’s 50-day simple moving average is $4.55 and its 200-day simple moving average is $4.01. Sagimet Biosciences has a 52-week low of $2.39 and a 52-week high of $20.71.

Institutional Trading of Sagimet Biosciences

A number of hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its holdings in Sagimet Biosciences by 56.7% in the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after acquiring an additional 91,246 shares during the last quarter. Barclays PLC raised its holdings 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 acquiring an additional 7,178 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at about $119,000. Squarepoint Ops LLC acquired a new stake in Sagimet Biosciences in the 2nd quarter valued at about $324,000. Finally, Federated Hermes Inc. raised its holdings in Sagimet Biosciences by 25.9% in the 2nd 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. Institutional investors and hedge funds own 87.86% of the company’s stock.

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.