Sagimet Biosciences (NASDAQ:SGMT) Now Covered by Analysts at Oppenheimer

Research analysts at Oppenheimer initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report released on Friday,Benzinga reports. The brokerage set an “outperform” rating and a $30.00 price target on the stock.

Several other analysts also recently issued reports on SGMT. JMP Securities decreased their price objective on shares of 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. UBS Group assumed coverage on Sagimet Biosciences in a research note on Tuesday, November 12th. They set a “buy” rating and a $12.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research report on Friday, November 15th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Sagimet Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $4.66 on Friday. 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 price of $5.01 and a 200-day moving average price of $4.07.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. ORG Partners LLC bought a new position in shares of Sagimet Biosciences during the 2nd quarter worth $43,000. Nations Financial Group Inc. IA ADV bought a new position in Sagimet Biosciences during the 2nd quarter worth about $51,000. Ground Swell Capital LLC purchased a new position in Sagimet Biosciences during the 2nd quarter valued at about $78,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Sagimet Biosciences in the 1st quarter valued at about $91,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Sagimet Biosciences in the 1st quarter worth approximately $113,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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.