UBS Group Begins Coverage on Sagimet Biosciences (NASDAQ:SGMT)

UBS Group assumed coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report report published on Tuesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $12.00 price objective on the stock.

Several other equities research analysts have also commented on the stock. HC Wainwright restated a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research report on Thursday, October 31st. JMP Securities decreased their price target on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.60.

Sagimet Biosciences Price Performance

NASDAQ:SGMT opened at $4.73 on Tuesday. The stock’s 50 day simple moving average is $4.52 and its 200-day simple moving average is $4.01. Sagimet Biosciences has a 12-month low of $2.25 and a 12-month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.09. On average, analysts forecast that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Sagimet Biosciences by 364.9% in the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after purchasing an additional 894,319 shares during the last quarter. Ikarian Capital LLC acquired a new position in shares of Sagimet Biosciences in the first quarter valued at approximately $2,236,000. Squarepoint Ops LLC purchased a new position in shares of Sagimet Biosciences during the second quarter valued at approximately $324,000. Victory Capital Management Inc. boosted its position in Sagimet Biosciences by 49.1% during the second quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock worth $265,000 after acquiring an additional 25,480 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in Sagimet Biosciences by 96.0% during the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock worth $232,000 after acquiring an additional 33,522 shares during the last quarter. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.