Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given an average rating of “Buy” by the six analysts that are presently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $41.50.

A number of research firms recently commented on SGMT. Leerink Partnrs reiterated an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. SVB Leerink began coverage on Sagimet Biosciences in a research report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price on the stock. JMP Securities decreased their target price on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a research report on Wednesday, February 7th. Finally, The Goldman Sachs Group decreased their target price on Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th.

Insider Buying and Selling at Sagimet Biosciences

In related news, CEO David Happel acquired 12,100 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were acquired at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the transaction, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. FMR LLC bought a new position in Sagimet Biosciences in the third quarter worth approximately $23,517,000. Rock Springs Capital Management LP bought a new position in Sagimet Biosciences in the third quarter worth approximately $6,498,000. RTW Investments LP bought a new position in Sagimet Biosciences in the third quarter worth approximately $3,522,000. Platinum Investment Management Ltd. bought a new position in Sagimet Biosciences in the third quarter worth approximately $3,378,000. Finally, Blue Owl Capital Holdings LP bought a new position in Sagimet Biosciences in the fourth quarter worth approximately $1,926,000. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Trading Up 1.0 %

NASDAQ:SGMT opened at $4.01 on Friday. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71. The business’s 50-day moving average is $5.69 and its 200 day moving average is $5.80.

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.