Sagimet Biosciences (NASDAQ:SGMT) Now Covered by Analysts at Oppenheimer

Research analysts at Oppenheimer started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) in a note issued to investors on Friday, MarketBeat reports. The firm set an "outperform" rating and a $30.00 price target on the stock. Oppenheimer's price target suggests a potential upside of 488.24% from the stock's previous close.

Several other equities analysts have also issued reports on SGMT. JMP Securities dropped their target price on shares of Sagimet Biosciences from $48.00 to $32.00 and set a "market outperform" rating on the stock in a report on Thursday, August 15th. HC Wainwright restated a "buy" rating and set a $32.00 target price on shares of Sagimet Biosciences in a research report on Friday, November 15th. Finally, UBS Group assumed coverage on Sagimet Biosciences in a report on Tuesday, November 12th. They issued a "buy" rating and a $12.00 target price for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Sagimet Biosciences has an average rating of "Moderate Buy" and an average price target of $23.00.

Sagimet Biosciences Stock Up 9.4 %

Sagimet Biosciences stock traded up $0.44 during mid-day trading on Friday, hitting $5.10. 748,383 shares of the stock were exchanged, compared to its average volume of 529,666. The firm's fifty day simple moving average is $5.06 and its two-hundred day simple moving average is $4.08. Sagimet Biosciences has a 12 month low of $2.39 and a 12 month high of $20.71.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Sagimet Biosciences by 14.3% during the third quarter. Barclays PLC now owns 57,230 shares of the company's stock valued at $159,000 after acquiring an additional 7,178 shares in the last quarter. Geode Capital Management LLC increased its stake in Sagimet Biosciences by 56.7% during the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company's stock valued at $699,000 after purchasing an additional 91,246 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in Sagimet Biosciences during the third quarter worth $119,000. Squarepoint Ops LLC acquired a new position in Sagimet Biosciences during the second quarter worth $324,000. Finally, Federated Hermes Inc. lifted its stake in shares of Sagimet Biosciences by 25.9% in the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company's stock valued at $233,000 after buying an additional 14,000 shares in the last quarter. Institutional investors own 87.86% of the company's stock.

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.