Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Price Target at $41.50

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average rating of “Buy” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $41.50.

Several equities analysts have recently commented on the stock. Leerink Partnrs restated an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. SVB Leerink assumed coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price for the company. The Goldman Sachs Group dropped their target price on shares of Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Finally, JMP Securities dropped their target price on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating for the company in a research report on Wednesday, February 7th.

Insider Buying and Selling

In related news, CEO David Happel acquired 12,100 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was acquired at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the transaction, the chief executive officer now directly owns 639,200 shares in the company, valued at $3,368,584. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC acquired a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $23,517,000. Rock Springs Capital Management LP acquired a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $6,498,000. RTW Investments LP acquired a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $3,522,000. Platinum Investment Management Ltd. acquired a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $3,378,000. Finally, CHI Advisors LLC acquired a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $3,070,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Stock Performance

Shares of NASDAQ:SGMT opened at $4.06 on Friday. The firm has a 50 day moving average of $5.31 and a 200-day moving average of $5.67. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

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.