Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $41.50 Average Price Target from Brokerages

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given a consensus recommendation of “Buy” by the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $41.50.

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

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $4.28 on Friday. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71. The stock has a 50-day moving average of $5.55 and a 200-day moving average of $5.74.

Insider Buying and Selling

In other news, CEO David Happel bought 12,100 shares of Sagimet Biosciences stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the purchase, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds have recently modified their holdings of SGMT. Victory Capital Management Inc. grew its holdings in shares of Sagimet Biosciences by 215.0% in the fourth quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock valued at $307,000 after acquiring an additional 38,610 shares in the last quarter. Federated Hermes Inc. boosted its position in Sagimet Biosciences by 24.7% in the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after purchasing an additional 19,276 shares during the last quarter. RTW Investments LP bought a new position in Sagimet Biosciences in the 3rd quarter valued at $3,522,000. Rock Springs Capital Management LP bought a new position in Sagimet Biosciences in the 3rd quarter valued at $6,498,000. Finally, Dumac Inc. purchased a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at $1,796,000. 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.