Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus Target Price from Brokerages

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have received an average rating of “Moderate Buy” from the seven research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $23.00.

SGMT has been the subject of several research analyst reports. Oppenheimer initiated coverage on shares of Sagimet Biosciences in a research note on Friday, December 6th. They issued an “outperform” rating and a $30.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price target on shares of Sagimet Biosciences in a research note on Friday, November 15th. Finally, 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 target for the company.

Institutional Investors Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC increased its position in shares of Sagimet Biosciences by 72.4% during the fourth quarter. Squarepoint Ops LLC now owns 50,484 shares of the company’s stock worth $227,000 after acquiring an additional 21,195 shares in the last quarter. Shay Capital LLC bought a new stake in Sagimet Biosciences in the 4th quarter worth about $87,000. OMERS ADMINISTRATION Corp bought a new stake in Sagimet Biosciences in the 4th quarter worth about $263,000. Millennium Management LLC grew its position in Sagimet Biosciences by 257.1% in the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock worth $3,120,000 after purchasing an additional 499,094 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in Sagimet Biosciences by 62.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company’s stock worth $1,008,000 after purchasing an additional 85,800 shares in the last quarter. 87.86% of the stock is owned by institutional investors.

Sagimet Biosciences Stock Down 10.7 %

SGMT opened at $3.68 on Thursday. Sagimet Biosciences has a 1-year low of $2.39 and a 1-year high of $7.64. The company has a fifty day moving average price of $4.65 and a two-hundred day moving average price of $4.39.

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.