Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Price Target at $23.00

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are covering the firm, 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 1 year target price among brokers that have covered the stock in the last year is $23.00.

SGMT has been the topic of a number of analyst reports. Oppenheimer began coverage on shares of Sagimet Biosciences in a research report on Friday, December 6th. They issued an “outperform” rating and a $30.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research note on Friday, November 15th. JMP Securities reduced their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 15th. Finally, UBS Group initiated coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 price objective for the company.

Sagimet Biosciences Price Performance

NASDAQ:SGMT opened at $4.71 on Friday. Sagimet Biosciences has a 1-year low of $2.39 and a 1-year high of $20.71. The business’s 50-day moving average price is $5.16 and its two-hundred day moving average price is $4.07.

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ORG Partners LLC bought a new stake in shares of Sagimet Biosciences in the second quarter valued at about $43,000. Nations Financial Group Inc. IA ADV bought a new stake in Sagimet Biosciences in the 2nd quarter valued at approximately $51,000. Ground Swell Capital LLC acquired a new position in Sagimet Biosciences during the 2nd quarter worth approximately $78,000. Price T Rowe Associates Inc. MD bought a new position in shares of Sagimet Biosciences during the 1st quarter worth approximately $91,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at approximately $113,000. 87.86% of the stock is 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.