Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) PT at $23.00

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $23.00.

A number of analysts have recently issued reports on SGMT shares. UBS Group initiated coverage on shares of Sagimet Biosciences in a research note on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price objective for the company. Oppenheimer started coverage on Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research note on Friday, November 15th.

Institutional Trading of Sagimet Biosciences

Hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its position in shares of Sagimet Biosciences by 49.1% during the 2nd 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. Squarepoint Ops LLC purchased a new position in Sagimet Biosciences during the second quarter worth $324,000. Barclays PLC increased its position in Sagimet Biosciences by 14.3% during 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. Acadian Asset Management LLC raised its stake in shares of 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 period. Finally, Federated Hermes Inc. lifted its holdings in shares of Sagimet Biosciences by 25.9% in the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after acquiring an additional 14,000 shares during the last quarter. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock opened at $5.57 on Wednesday. Sagimet Biosciences has a 12-month low of $2.39 and a 12-month high of $20.71. The firm has a 50 day moving average of $5.18 and a 200 day moving average of $4.11.

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.