Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Target Price at $41.50

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus rating of “Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $41.50.

SGMT has been the topic of a number of analyst reports. Leerink Partnrs reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. JMP Securities lowered their price objective on 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, SVB Leerink initiated coverage on Sagimet Biosciences in a report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price for the company.

Insider Activity

In other news, CEO David Happel purchased 12,100 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired 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 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 is available at this hyperlink.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of SGMT. Platinum Investment Management Ltd. acquired a new position in shares of Sagimet Biosciences during the third quarter valued at about $3,378,000. Silverarc Capital Management LLC acquired a new position in Sagimet Biosciences during the 3rd quarter valued at about $880,000. RTW Investments LP acquired a new position in Sagimet Biosciences during the 3rd quarter valued at about $3,522,000. Federated Hermes Inc. bought a new stake in Sagimet Biosciences during the 3rd quarter worth approximately $686,000. Finally, Rock Springs Capital Management LP purchased a new stake in shares of Sagimet Biosciences in the third quarter worth approximately $6,498,000. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Down 6.0 %

Sagimet Biosciences stock opened at $3.92 on Friday. The stock’s 50 day moving average is $5.47 and its 200 day moving average is $5.73. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71.

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.