26,149 Shares in Sagimet Biosciences Inc. (NASDAQ:SGMT) Acquired by Abacus Planning Group Inc.

Abacus Planning Group Inc. purchased a new position in Sagimet Biosciences Inc. (NASDAQ:SGMT) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,149 shares of the company’s stock, valued at approximately $85,000. Abacus Planning Group Inc. owned approximately 0.09% of Sagimet Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN acquired a new position in shares of Sagimet Biosciences during the fourth quarter worth approximately $31,000. Summit Financial Wealth Advisors LLC bought a new stake in Sagimet Biosciences during the 4th quarter valued at $61,000. Shay Capital LLC acquired a new position in Sagimet Biosciences during the fourth quarter worth $87,000. American Century Companies Inc. bought a new position in shares of Sagimet Biosciences in the fourth quarter valued at $90,000. Finally, Stoneridge Investment Partners LLC lifted its stake in shares of Sagimet Biosciences by 22.2% in the fourth quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock valued at $94,000 after buying an additional 3,780 shares in the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SGMT shares. Jones Trading boosted their target price on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a research note on Tuesday, March 11th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.17.

Sagimet Biosciences Price Performance

Shares of SGMT stock opened at $5.56 on Monday. The firm has a 50-day moving average of $3.06 and a 200-day moving average of $3.97. Sagimet Biosciences Inc. has a one year low of $1.73 and a one year high of $7.38. The company has a market cap of $170.55 million, a P/E ratio of -3.16 and a beta of 2.21.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.23. As a group, research analysts expect that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current fiscal year.

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.