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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) have earned an average recommendation of "Moderate Buy" from the seven brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $23.00.

A number of brokerages have issued reports on SGMT. UBS Group assumed coverage on Sagimet Biosciences in a research note on Tuesday, November 12th. They issued a "buy" rating and a $12.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $32.00 target price on shares of Sagimet Biosciences in a report on Friday, November 15th. Finally, Oppenheimer initiated coverage on shares of Sagimet Biosciences in a report on Friday, December 6th. They set an "outperform" rating and a $30.00 price target for the company.

Institutional Investors Weigh In On Sagimet Biosciences

Several large investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased its position in shares of Sagimet Biosciences by 257.1% during the fourth quarter. Millennium Management LLC now owns 693,247 shares of the company's stock worth $3,120,000 after acquiring an additional 499,094 shares during the period. Geode Capital Management LLC increased its position in shares of Sagimet Biosciences by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 255,236 shares of the company's stock worth $1,149,000 after acquiring an additional 2,938 shares during the period. Bridgeway Capital Management LLC increased its holdings in Sagimet Biosciences by 62.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company's stock worth $1,008,000 after purchasing an additional 85,800 shares during the period. 683 Capital Management LLC purchased a new stake in Sagimet Biosciences during the 4th quarter worth about $622,000. Finally, JPMorgan Chase & Co. increased its holdings in Sagimet Biosciences by 66.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company's stock worth $199,000 after purchasing an additional 28,690 shares during the period. 87.86% of the stock is owned by hedge funds and other institutional investors.

Sagimet Biosciences Trading Up 2.2 %

SGMT stock traded up $0.09 during trading on Thursday, hitting $4.12. The stock had a trading volume of 661,537 shares, compared to its average volume of 844,448. Sagimet Biosciences has a twelve month low of $2.39 and a twelve month high of $7.64. The company's 50-day moving average price is $4.69 and its two-hundred day moving average price is $4.36.

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.