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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus rating of “Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $38.80.

SGMT has been the subject of several analyst reports. The Goldman Sachs Group decreased their target price on Sagimet Biosciences from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, May 16th. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research note on Thursday, May 16th. SVB Leerink began coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They set an “outperform” rating and a $26.00 price target on the stock. JMP Securities lowered their price objective on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating for the company in a research report on Wednesday, February 7th. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Sagimet Biosciences in a report on Monday, March 25th.

Insider Activity at Sagimet Biosciences

In other news, CEO David Happel bought 12,100 shares of the stock in a transaction on Tuesday, March 26th. The stock was purchased at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the acquisition, the chief executive officer now owns 639,200 shares in the company, valued at $3,368,584. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 17.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Platinum Investment Management Ltd. bought a new stake in Sagimet Biosciences in the 3rd quarter valued at approximately $3,378,000. Silverarc Capital Management LLC acquired a new position in Sagimet Biosciences during the third quarter worth $880,000. RTW Investments LP acquired a new position in Sagimet Biosciences during the third quarter worth $3,522,000. Federated Hermes Inc. bought a new position in Sagimet Biosciences in the third quarter valued at $686,000. Finally, Rock Springs Capital Management LP acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at $6,498,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Sagimet Biosciences Stock Up 6.1 %

Shares of Sagimet Biosciences stock opened at $5.08 on Thursday. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71. The business has a fifty day simple moving average of $4.63 and a 200 day simple moving average of $5.64.

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.