Sagimet Biosciences (NASDAQ:SGMT) Now Covered by Analysts at HC Wainwright

Stock analysts at HC Wainwright began coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report issued to clients and investors on Thursday, Briefing.com reports. The firm set a “buy” rating and a $32.00 price target on the stock.

SGMT has been the topic of a number of other research reports. SVB Leerink initiated 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 on the stock. JMP Securities lowered their price objective 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. The Goldman Sachs Group cut their target price on Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Finally, Leerink Partnrs restated an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $39.60.

Sagimet Biosciences Stock Up 5.4 %

SGMT stock opened at $4.11 on Thursday. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71. The firm’s 50 day moving average price is $5.18 and its 200-day moving average price is $5.64.

Insider Buying and Selling at Sagimet Biosciences

In related news, CEO David Happel bought 12,100 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average cost of $5.27 per share, with a total value of $63,767.00. Following the purchase, the chief executive officer now directly owns 639,200 shares of the company’s stock, valued at approximately $3,368,584. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of SGMT. FMR LLC acquired a new stake in Sagimet Biosciences in the third quarter valued at $23,517,000. Rock Springs Capital Management LP acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter worth about $6,498,000. RTW Investments LP acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter worth about $3,522,000. Platinum Investment Management Ltd. purchased a new stake in Sagimet Biosciences during the third quarter worth approximately $3,378,000. Finally, CHI Advisors LLC acquired a new position in Sagimet Biosciences in the third quarter valued at approximately $3,070,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.