Sagimet Biosciences’ (SGMT) “Buy” Rating Reaffirmed at HC Wainwright

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $32.00 target price on the stock.

SGMT has been the subject of a number of other reports. UBS Group initiated coverage on shares of Sagimet Biosciences in a research note on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price objective for the company. JMP Securities reduced their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a report on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Sagimet Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Sagimet Biosciences Trading Down 8.7 %

Shares of NASDAQ SGMT opened at $4.73 on Friday. Sagimet Biosciences has a 52-week low of $2.25 and a 52-week high of $20.71. The stock has a 50 day moving average price of $4.52 and a 200 day moving average price of $4.01.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. Research analysts predict that Sagimet Biosciences will post -1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors have recently added to or reduced their stakes in SGMT. Vanguard Group Inc. lifted its position in shares of Sagimet Biosciences by 364.9% during the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after buying an additional 894,319 shares during the last quarter. Ikarian Capital LLC bought a new position in shares of Sagimet Biosciences during the 1st quarter worth approximately $2,236,000. Geode Capital Management LLC lifted its position in Sagimet Biosciences by 56.7% during the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock valued at $699,000 after acquiring an additional 91,246 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Sagimet Biosciences in the second quarter valued at approximately $324,000. Finally, Victory Capital Management Inc. grew its holdings in Sagimet Biosciences by 49.1% in the second quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock worth $265,000 after purchasing an additional 25,480 shares during the last quarter. 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.