Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) PT at $23.00

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

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

Sagimet Biosciences Stock Down 4.7 %

NASDAQ:SGMT traded down $0.22 during trading hours on Wednesday, hitting $4.50. 492,036 shares of the company were exchanged, compared to its average volume of 1,055,956. The company has a fifty day simple moving average of $5.20 and a 200 day simple moving average of $4.07. Sagimet Biosciences has a one year low of $2.39 and a one year high of $20.71.

Institutional Investors Weigh In On Sagimet Biosciences

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 91,246 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Sagimet Biosciences during the 2nd quarter worth approximately $324,000. Victory Capital Management Inc. raised its stake in Sagimet Biosciences by 49.1% during the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company's stock worth $265,000 after buying an additional 25,480 shares during the period. JPMorgan Chase & Co. boosted its holdings in Sagimet Biosciences by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company's stock worth $199,000 after acquiring an additional 28,690 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Sagimet Biosciences by 96.0% in the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company's stock valued at $232,000 after acquiring an additional 33,522 shares during the period. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.