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

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research note issued on Friday, Benzinga reports. They presently have a $32.00 price target on the stock.

Several other analysts have also weighed in on SGMT. SVB Leerink initiated coverage on Sagimet Biosciences in a report on Monday, March 25th. They issued an “outperform” rating and a $26.00 price objective for the company. Leerink Partnrs reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. The Goldman Sachs Group dropped their price target on Sagimet Biosciences from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, May 16th. Finally, JMP Securities dropped their price target on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a research report on Wednesday, February 7th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Sagimet Biosciences has a consensus rating of “Buy” and a consensus price target of $38.80.

Sagimet Biosciences Trading Down 7.5 %

Shares of SGMT stock opened at $4.70 on Friday. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The stock has a fifty day moving average of $4.64 and a two-hundred day moving average of $5.64.

Insiders Place Their Bets

In related news, CEO David Happel purchased 12,100 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was bought 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 owns 639,200 shares in the company, valued at approximately $3,368,584. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 17.60% of the company’s stock.

Institutional Trading of Sagimet Biosciences

Several large investors have recently made changes to their positions in the stock. FMR LLC bought a new stake in shares of Sagimet Biosciences during the 3rd quarter worth about $23,517,000. Vanguard Group Inc. boosted its stake in Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after purchasing an additional 894,319 shares during the period. Rock Springs Capital Management LP bought a new stake in Sagimet Biosciences during the 3rd quarter valued at approximately $6,498,000. Ikarian Capital LLC bought a new stake in Sagimet Biosciences during the 1st quarter valued at approximately $2,236,000. Finally, RTW Investments LP bought a new stake in Sagimet Biosciences during the 3rd quarter valued at approximately $3,522,000. Institutional investors own 87.86% of the company’s stock.

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.