UBS Group Begins Coverage on Sagimet Biosciences (NASDAQ:SGMT)

UBS Group began coverage on shares of Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) in a research report issued on Tuesday, Marketbeat.com reports. The firm set a "buy" rating and a $12.00 price target on the stock. UBS Group's price objective would suggest a potential upside of 108.33% from the stock's current price.

A number of other brokerages have also issued reports on SGMT. HC Wainwright reiterated a "buy" rating and set a $32.00 price target on shares of Sagimet Biosciences in a research note on Thursday, October 31st. JMP Securities cut their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a "market outperform" rating on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.60.

Sagimet Biosciences Stock Down 1.5 %

SGMT traded down $0.09 on Tuesday, hitting $5.76. The company had a trading volume of 391,273 shares, compared to its average volume of 1,114,607. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The company's fifty day moving average price is $4.31 and its 200 day moving average price is $3.97.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.09. On average, sell-side analysts forecast that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

Several large investors have recently modified their holdings of SGMT. Vanguard Group Inc. lifted its holdings in shares of Sagimet Biosciences by 364.9% during the first 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. DekaBank Deutsche Girozentrale purchased a new position in Sagimet Biosciences in the first quarter worth $113,000. Acadian Asset Management LLC purchased a new position in Sagimet Biosciences in the first quarter worth $188,000. American International Group Inc. raised its position in Sagimet Biosciences by 312.0% in the first quarter. American International Group Inc. now owns 11,372 shares of the company's stock worth $62,000 after acquiring an additional 8,612 shares in the last quarter. Finally, ORG Partners LLC purchased a new position in Sagimet Biosciences in the second quarter worth $43,000. 87.86% of the stock is owned by institutional investors and hedge funds.

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.