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

HC Wainwright began coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report published on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $32.00 price objective on the stock.

Several other research firms have also recently issued reports on SGMT. 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. The Goldman Sachs Group reduced their target price on Sagimet Biosciences from $37.00 to $27.00 and set a buy rating on the stock in a report on Tuesday, March 26th. SVB Leerink assumed coverage on Sagimet Biosciences in a report on Monday, March 25th. They issued an outperform rating and a $26.00 price objective on the stock. Finally, Leerink Partnrs restated an outperform rating on shares of Sagimet Biosciences in a report on Monday, March 25th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $39.60.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT opened at $4.32 on Thursday. The company’s 50-day moving average price is $5.03 and its 200 day moving average price is $5.62. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel acquired 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 purchase, the chief executive officer now directly owns 639,200 shares in the company, valued at $3,368,584. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.60% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors have recently modified their holdings of SGMT. FMR LLC bought a new stake in Sagimet Biosciences in the third quarter valued at about $23,517,000. Rock Springs Capital Management LP acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at approximately $6,498,000. RTW Investments LP acquired a new position in Sagimet Biosciences in the third quarter worth $3,522,000. Platinum Investment Management Ltd. acquired a new stake in shares of Sagimet Biosciences during the third quarter worth $3,378,000. Finally, CHI Advisors LLC bought a new position in shares of Sagimet Biosciences in the 3rd quarter worth about $3,070,000. Institutional investors and hedge funds 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.