Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned an average rating of “Moderate Buy” from the seven brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $23.00.

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

Sagimet Biosciences Stock Up 1.2 %

Shares of NASDAQ:SGMT opened at $4.20 on Friday. The company has a 50-day moving average price of $4.89 and a 200-day moving average price of $4.21. Sagimet Biosciences has a 12 month low of $2.39 and a 12 month high of $16.68.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds have recently made changes to their positions in the company. Jacksonville Wealth Management LLC bought a new position in Sagimet Biosciences in the fourth quarter worth $45,000. ORG Wealth Partners LLC purchased a new stake in shares of Sagimet Biosciences in the 3rd quarter worth about $119,000. Barclays PLC increased 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 acquiring an additional 7,178 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Sagimet Biosciences by 66.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock valued at $199,000 after acquiring an additional 28,690 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in Sagimet Biosciences during the second quarter worth about $324,000. 87.86% of the stock is currently 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.