Sagimet Biosciences (NASDAQ:SGMT) Coverage Initiated at HC Wainwright

Equities researchers at HC Wainwright began coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a note issued to investors on Thursday, Briefing.com reports. The firm set a “buy” rating and a $32.00 price target on the stock.

A number of other research firms also recently weighed in on SGMT. SVB Leerink started coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price on the stock. The Goldman Sachs Group cut their price objective on shares of Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a report on Tuesday, March 26th. JMP Securities lowered their target price on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating for the company in a report on Wednesday, February 7th. Finally, Leerink Partnrs restated an “outperform” rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $39.60.

Sagimet Biosciences Stock Up 5.4 %

Shares of SGMT stock opened at $4.11 on Thursday. The business’s fifty day moving average is $5.18 and its 200 day moving average is $5.64. Sagimet Biosciences has a twelve month low of $2.13 and a twelve month high of $20.71.

Insider Activity at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel acquired 12,100 shares of the stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the purchase, the chief executive officer now directly owns 639,200 shares of the company’s stock, valued at $3,368,584. The acquisition was disclosed in a filing with the SEC, which is available at this link. 17.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in shares of Sagimet Biosciences by 215.0% in the fourth quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock worth $307,000 after acquiring an additional 38,610 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Sagimet Biosciences by 24.7% in the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after buying an additional 19,276 shares in the last quarter. RTW Investments LP bought a new position in shares of Sagimet Biosciences during the third quarter worth $3,522,000. Rock Springs Capital Management LP purchased a new position in Sagimet Biosciences during the third quarter valued at $6,498,000. Finally, Dumac Inc. bought a new stake in Sagimet Biosciences in the 3rd quarter valued at $1,796,000. Institutional investors own 87.86% of the company’s stock.

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.