Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Average Price Target from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given an average recommendation of “Moderate Buy” by the seven research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $23.00.

A number of research firms have recently weighed in on SGMT. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a report on Friday, November 15th. Oppenheimer began coverage on Sagimet Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $30.00 target price on the stock. Finally, UBS Group began coverage on 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 Trading Up 2.7 %

Shares of NASDAQ:SGMT opened at $3.84 on Thursday. Sagimet Biosciences has a fifty-two week low of $2.39 and a fifty-two week high of $7.64. The company’s 50-day moving average price is $4.58 and its 200 day moving average price is $4.39.

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Sagimet Biosciences by 14.3% in the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock worth $159,000 after buying an additional 7,178 shares in the last quarter. Geode Capital Management LLC grew its holdings in Sagimet Biosciences by 56.7% during the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after acquiring an additional 91,246 shares during the period. JPMorgan Chase & Co. raised its position in Sagimet Biosciences by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock worth $199,000 after acquiring an additional 28,690 shares in the last quarter. Jacksonville Wealth Management LLC acquired a new stake in Sagimet Biosciences in the 4th quarter valued at about $45,000. Finally, Stoneridge Investment Partners LLC boosted its position in shares of Sagimet Biosciences by 22.2% during the 4th quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock valued at $94,000 after purchasing an additional 3,780 shares in the last quarter. 87.86% of the stock is owned by 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.