Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Price Target at $39.60

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average rating of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a buy rating. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $38.80.

Several research firms have recently commented on SGMT. HC Wainwright restated a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a report on Thursday, May 16th. The Goldman Sachs Group decreased their price target on shares of Sagimet Biosciences from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, May 16th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. JMP Securities decreased 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. Finally, SVB Leerink began coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price on the stock.

Sagimet Biosciences Stock Up 6.1 %

Shares of Sagimet Biosciences stock opened at $5.08 on Thursday. The business has a 50-day simple moving average of $4.63 and a 200 day simple moving average of $5.64. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71.

Insider Activity

In other news, CEO David Happel purchased 12,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the acquisition, the chief executive officer now owns 639,200 shares in the company, valued at $3,368,584. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ikarian Capital LLC bought a new stake in Sagimet Biosciences in the first quarter worth about $2,236,000. Price T Rowe Associates Inc. MD purchased a new position in Sagimet Biosciences in the 1st quarter valued at approximately $91,000. American International Group Inc. raised its holdings in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after acquiring an additional 8,612 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in shares of Sagimet Biosciences during the first quarter worth $72,000. Finally, Acadian Asset Management LLC bought a new position in shares of Sagimet Biosciences in the first quarter worth $188,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.