Sagimet Biosciences’ (SGMT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note released on Friday,Benzinga reports. HC Wainwright currently has a $32.00 price target on the stock.

Several other brokerages have also weighed in on SGMT. JMP Securities decreased their price objective on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a report on Thursday, August 15th. UBS Group assumed coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Sagimet Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Sagimet Biosciences Stock Down 8.7 %

Shares of SGMT opened at $4.73 on Friday. Sagimet Biosciences has a 12 month low of $2.25 and a 12 month high of $20.71. The stock has a 50 day moving average of $4.52 and a 200 day moving average of $4.01.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased 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 worth $6,176,000 after purchasing an additional 894,319 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Sagimet Biosciences in the first quarter worth $188,000. O Shaughnessy Asset Management LLC bought a new stake in Sagimet Biosciences during the 1st quarter valued at $72,000. American International Group Inc. boosted its position in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after buying an additional 8,612 shares during the period. Finally, Price T Rowe Associates Inc. MD bought a new stake in Sagimet Biosciences in the 1st quarter worth $91,000. 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.