Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Price Target at $41.50

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned a consensus rating of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $41.50.

A number of brokerages recently commented on SGMT. SVB Leerink assumed coverage on Sagimet Biosciences in a research note on Monday, March 25th. They set an “outperform” rating and a $26.00 price objective for the company. JMP Securities dropped their target price on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a report on Wednesday, February 7th. The Goldman Sachs Group reduced their target price on shares of Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating for the company in a research note on Tuesday, March 26th. Finally, Leerink Partnrs reissued an “outperform” rating on shares of Sagimet Biosciences in a research note on Monday, March 25th.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel purchased 12,100 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were purchased at an average cost of $5.27 per share, with a total value of $63,767.00. Following the transaction, the chief executive officer now directly owns 639,200 shares of the company’s stock, valued at approximately $3,368,584. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its holdings in shares of Sagimet Biosciences by 215.0% in the 4th quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock valued at $307,000 after buying an additional 38,610 shares during the last quarter. Federated Hermes Inc. lifted its stake in Sagimet Biosciences by 24.7% in the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock valued at $527,000 after acquiring an additional 19,276 shares during the last quarter. RTW Investments LP acquired a new position in shares of Sagimet Biosciences during the 3rd quarter worth about $3,522,000. Rock Springs Capital Management LP acquired a new position in shares of Sagimet Biosciences during the 3rd quarter worth about $6,498,000. Finally, Dumac Inc. bought a new stake in shares of Sagimet Biosciences in the 3rd quarter valued at about $1,796,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Stock Up 6.2 %

SGMT opened at $4.28 on Friday. The company has a fifty day moving average price of $5.55 and a two-hundred day moving average price of $5.74. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

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.