Sagimet Biosciences (NASDAQ:SGMT) Receives Buy Rating from HC Wainwright

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $32.00 price target on the stock.

Several other research analysts also recently commented on the company. UBS Group initiated coverage on Sagimet Biosciences in a report on Tuesday. They set a “buy” rating and a $12.00 target price on the stock. JMP Securities reduced their target price on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a report on Thursday, August 15th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.60.

Sagimet Biosciences Trading Down 7.9 %

Shares of Sagimet Biosciences stock traded down $0.41 during midday trading on Friday, hitting $4.77. 652,325 shares of the company traded hands, compared to its average volume of 1,112,727. The firm’s fifty day moving average price is $4.48 and its 200-day moving average price is $4.01. Sagimet Biosciences has a 12 month low of $2.25 and a 12 month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.09. Equities research analysts forecast that Sagimet Biosciences will post -1.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Sagimet Biosciences by 364.9% in the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after buying an additional 894,319 shares in the last quarter. Ikarian Capital LLC acquired a new stake in Sagimet Biosciences in the first quarter valued at approximately $2,236,000. Squarepoint Ops LLC bought a new stake in shares of Sagimet Biosciences during the second quarter valued at approximately $324,000. ORG Wealth Partners LLC acquired a new position in shares of Sagimet Biosciences during the third quarter worth approximately $119,000. Finally, Acadian Asset Management LLC bought a new position in shares of Sagimet Biosciences in the 1st quarter worth $188,000. Institutional investors and hedge funds 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.