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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned an average rating of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $23.00.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC grew its position in Sagimet Biosciences by 14.3% in the third 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. Federated Hermes Inc. boosted its stake in Sagimet Biosciences by 25.9% in the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after buying an additional 14,000 shares in the last quarter. Ground Swell Capital LLC bought a new position in Sagimet Biosciences during the second quarter valued at approximately $78,000. Victory Capital Management Inc. raised its stake in shares of 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Sagimet Biosciences by 66.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock worth $199,000 after acquiring an additional 28,690 shares during the last quarter. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Trading Up 10.7 %

Sagimet Biosciences stock opened at $4.97 on Wednesday. The firm has a 50 day simple moving average of $5.17 and a 200 day simple moving average of $4.08. Sagimet Biosciences has a 1-year low of $2.39 and a 1-year 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.