Sagimet Biosciences (NASDAQ:SGMT) PT Lowered to $23.00 at The Goldman Sachs Group

Sagimet Biosciences (NASDAQ:SGMTFree Report) had its target price cut by The Goldman Sachs Group from $27.00 to $23.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

SGMT has been the topic of a number of other reports. Leerink Partnrs reaffirmed an outperform rating on shares of Sagimet Biosciences in a report on Monday, March 25th. HC Wainwright initiated coverage on shares of Sagimet Biosciences in a report on Thursday, May 2nd. They issued a buy rating and a $32.00 target price on the stock. SVB Leerink assumed coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They set an outperform rating and a $26.00 target price for the company. Finally, 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 report on Wednesday, February 7th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of Buy and an average price target of $38.80.

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Sagimet Biosciences Trading Down 2.7 %

Shares of SGMT stock opened at $4.62 on Thursday. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The business’s fifty day moving average is $4.64 and its 200-day moving average is $5.62.

Insider Activity

In other Sagimet Biosciences news, CEO David Happel bought 12,100 shares of Sagimet Biosciences stock in a transaction dated Tuesday, March 26th. The stock was bought at an average price of $5.27 per share, for a total transaction 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 $3,368,584. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds have recently modified their holdings of the stock. FMR LLC acquired a new stake in Sagimet Biosciences in the third quarter valued at approximately $23,517,000. Vanguard Group Inc. lifted its stake in shares of Sagimet Biosciences by 364.9% in the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after purchasing an additional 894,319 shares during the last quarter. Rock Springs Capital Management LP acquired a new stake in shares of Sagimet Biosciences in the 3rd quarter valued at $6,498,000. Ikarian Capital LLC bought a new stake in Sagimet Biosciences in the first quarter worth $2,236,000. Finally, RTW Investments LP acquired a new position in Sagimet Biosciences during the third quarter worth $3,522,000. 87.86% of the stock is owned by institutional investors and hedge funds.

About Sagimet Biosciences

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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.

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