Sagimet Biosciences (NASDAQ:SGMT) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $32.00 price objective on the stock.

Several other equities analysts have also weighed in on SGMT. Leerink Partnrs reissued an outperform rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. JMP Securities reduced their target price on 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 Sagimet Biosciences from $37.00 to $27.00 and set a buy rating on the stock in a report on Tuesday, March 26th. Finally, SVB Leerink assumed coverage on Sagimet Biosciences in a report on Monday, March 25th. They set an outperform rating and a $26.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Sagimet Biosciences has an average rating of Buy and an average price target of $39.60.

Sagimet Biosciences Trading Down 2.9 %

Shares of SGMT traded down $0.13 during trading hours on Thursday, hitting $4.32. 770,647 shares of the stock traded hands, compared to its average volume of 421,030. Sagimet Biosciences has a 1-year low of $2.13 and a 1-year high of $20.71. The business has a fifty day moving average of $5.03 and a 200-day moving average of $5.61.

Insider Activity

In other Sagimet Biosciences news, CEO David Happel acquired 12,100 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were acquired at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the acquisition, the chief executive officer now directly owns 639,200 shares of the company’s stock, valued at approximately $3,368,584. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of SGMT. Teacher Retirement System of Texas acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at approximately $220,000. Platinum Investment Management Ltd. acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at approximately $3,378,000. Victory Capital Management Inc. acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at approximately $158,000. New York State Common Retirement Fund acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at approximately $56,000. Finally, FMR LLC acquired a new position in shares of Sagimet Biosciences during the 3rd quarter worth approximately $23,517,000. Institutional investors and hedge funds 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.