Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus Target Price from Brokerages

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

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

Sagimet Biosciences Stock Down 3.3 %

Shares of SGMT stock opened at $4.39 on Friday. The company has a 50 day simple moving average of $5.18 and a two-hundred day simple moving average of $4.07. Sagimet Biosciences has a 12 month low of $2.39 and a 12 month high of $20.71.

Hedge Funds Weigh In On Sagimet Biosciences

Several large investors have recently made changes to their positions in the business. Barclays PLC raised its stake in Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after purchasing an additional 7,178 shares during the period. Geode Capital Management LLC raised its position in shares of Sagimet Biosciences by 56.7% during the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after buying an additional 91,246 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Sagimet Biosciences in the third quarter worth $119,000. Squarepoint Ops LLC bought a new position in shares of Sagimet Biosciences during the second quarter worth $324,000. Finally, Federated Hermes Inc. grew its stake in Sagimet Biosciences by 25.9% during the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock valued at $233,000 after acquiring an additional 14,000 shares in the last quarter. 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.