Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus PT from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $23.00.

Several research firms recently weighed in on SGMT. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research report on Friday, November 15th. UBS Group initiated coverage on Sagimet Biosciences in a research note on Tuesday, November 12th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Oppenheimer began coverage on shares of Sagimet Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $30.00 target price on the stock.

Sagimet Biosciences Trading Up 10.7 %

Shares of Sagimet Biosciences stock opened at $4.97 on Wednesday. Sagimet Biosciences has a 1-year low of $2.39 and a 1-year high of $20.71. The company’s fifty day simple moving average is $5.17 and its 200-day simple moving average is $4.08.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new position in shares of Sagimet Biosciences in the second quarter worth $324,000. Geode Capital Management LLC lifted its stake in Sagimet Biosciences by 56.7% in the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after purchasing an additional 91,246 shares in the last quarter. ORG Wealth Partners LLC bought a new position in shares of Sagimet Biosciences during the 3rd quarter valued at about $119,000. Acadian Asset Management LLC grew its position in shares of Sagimet Biosciences by 96.0% during the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock valued at $232,000 after purchasing an additional 33,522 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Sagimet Biosciences by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock worth $199,000 after purchasing an additional 28,690 shares during the last quarter. 87.86% of the stock is currently owned by 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.