Sagimet Biosciences (NASDAQ:SGMT) Coverage Initiated at UBS Group

UBS Group started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note published on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

A number of other analysts also recently issued reports on the company. JMP Securities cut their target price on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. HC Wainwright restated a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Sagimet Biosciences Price Performance

Shares of SGMT opened at $5.00 on Tuesday. The stock’s 50 day moving average is $4.48 and its two-hundred day moving average is $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 released its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.09. On average, analysts forecast that Sagimet Biosciences will post -1.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. ORG Partners LLC purchased a new stake in Sagimet Biosciences in the 2nd quarter valued at approximately $43,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter worth $51,000. American International Group Inc. increased its holdings in shares of Sagimet Biosciences by 312.0% in the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after purchasing an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Sagimet Biosciences in the 1st quarter worth approximately $72,000. Finally, Ground Swell Capital LLC purchased a new stake in Sagimet Biosciences during the second quarter worth $78,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.