HC Wainwright Reaffirms “Buy” Rating for Sagimet Biosciences (NASDAQ:SGMT)

HC Wainwright reissued their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report report published on Friday morning,Benzinga reports. The firm currently has a $32.00 price objective on the stock.

SGMT has been the subject of several other research reports. UBS Group began coverage on shares of Sagimet Biosciences in a report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 target price for the company. JMP Securities reduced their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Sagimet Biosciences Stock Performance

Shares of Sagimet Biosciences stock opened at $4.36 on Friday. The company has a fifty day simple moving average of $4.55 and a 200-day simple moving average of $4.01. Sagimet Biosciences has a 12-month low of $2.39 and a 12-month high of $20.71.

Institutional Trading of Sagimet Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of SGMT. Vanguard Group Inc. raised its position 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 purchased a new position in Sagimet Biosciences during the 1st quarter worth $2,236,000. Squarepoint Ops LLC purchased a new position in Sagimet Biosciences during the 2nd quarter worth $324,000. Geode Capital Management LLC raised its position in Sagimet Biosciences by 56.7% during the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after buying an additional 91,246 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in Sagimet Biosciences during the 3rd quarter worth $119,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.