Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Average Recommendation of “Buy” by Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given a consensus recommendation of “Buy” by the six brokerages that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $41.50.

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

Sagimet Biosciences Trading Up 3.6 %

Shares of Sagimet Biosciences stock opened at $4.06 on Friday. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The company has a 50 day simple moving average of $5.31 and a two-hundred day simple moving average of $5.67.

Insider Buying and Selling

In other news, CEO David Happel bought 12,100 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The shares were bought at an average cost of $5.27 per share, with a total value of $63,767.00. Following the completion of the purchase, the chief executive officer now directly owns 639,200 shares in the company, valued at $3,368,584. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund purchased a new position in shares of Sagimet Biosciences in the third quarter worth $56,000. Victory Capital Management Inc. bought a new stake in Sagimet Biosciences in the third quarter valued at $158,000. Federated Hermes Inc. boosted its holdings in Sagimet Biosciences by 24.7% in the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock valued at $527,000 after acquiring an additional 19,276 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Sagimet Biosciences in the third quarter valued at $220,000. Finally, Silverarc Capital Management LLC bought a new stake in Sagimet Biosciences in the third quarter valued at $880,000. 87.86% of the stock is owned by hedge funds and other institutional investors.

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.