Sagimet Biosciences’ (SGMT) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Friday morning, Benzinga reports. The firm currently has a $48.00 price target on the stock.

A number of other brokerages have also recently commented on SGMT. SVB Leerink initiated coverage on Sagimet Biosciences in a research report on Monday, March 25th. They issued an outperform rating and a $26.00 price target on the stock. The Goldman Sachs Group decreased 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. HC Wainwright restated a buy rating and issued a $32.00 price target on shares of Sagimet Biosciences in a research report on Friday. Finally, Leerink Partnrs reaffirmed an outperform rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and an average price target of $39.20.

Sagimet Biosciences Stock Up 2.6 %

SGMT stock traded up $0.12 during trading hours on Friday, hitting $4.82. 319,080 shares of the stock were exchanged, compared to its average volume of 489,194. The company has a 50-day simple moving average of $4.66 and a two-hundred day simple moving average of $5.65. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Insider Activity

In other news, CEO David Happel purchased 12,100 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost of $5.27 per share, with a total value of $63,767.00. Following the completion of the purchase, the chief executive officer now owns 639,200 shares of the company’s stock, valued at approximately $3,368,584. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SGMT. New York State Common Retirement Fund bought a new stake in shares of Sagimet Biosciences during the third quarter valued at approximately $56,000. American International Group Inc. increased its holdings in shares of Sagimet Biosciences by 312.0% during the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after acquiring an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new stake in shares of Sagimet Biosciences during the first quarter valued at approximately $72,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Sagimet Biosciences during the first quarter valued at approximately $91,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Sagimet Biosciences during the third quarter valued at approximately $158,000. 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.