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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been assigned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $41.50.

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

Sagimet Biosciences Stock Performance

NASDAQ:SGMT opened at $4.01 on Friday. The stock’s fifty day moving average is $5.69 and its two-hundred day moving average is $5.80. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

Insider Transactions at Sagimet Biosciences

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

Hedge Funds Weigh In On Sagimet Biosciences

Several large investors have recently bought and sold shares of the business. UBS Group AG purchased a new position in shares of Sagimet Biosciences during the third quarter worth about $26,000. Northern Trust Corp grew its holdings in shares of Sagimet Biosciences by 11.7% during the fourth quarter. Northern Trust Corp now owns 46,818 shares of the company’s stock worth $254,000 after purchasing an additional 4,892 shares during the last quarter. Rhumbline Advisers purchased a new position in shares of Sagimet Biosciences during the third quarter worth about $48,000. New York State Common Retirement Fund purchased a new position in shares of Sagimet Biosciences during the third quarter worth about $56,000. Finally, Barclays PLC purchased a new position in shares of Sagimet Biosciences during the fourth quarter worth about $41,000. Hedge funds and other 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.