Sagimet Biosciences’ (SGMT) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a $32.00 target price on the stock.

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

Sagimet Biosciences Stock Down 8.7 %

NASDAQ SGMT traded down $0.45 during trading on Friday, reaching $4.73. 837,486 shares of the company’s stock were exchanged, compared to its average volume of 1,113,555. The company has a 50 day moving average price of $4.52 and a two-hundred day moving average price of $4.01. Sagimet Biosciences has a 1 year low of $2.25 and a 1 year high of $20.71.

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

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors have recently modified their holdings of the business. Barclays PLC raised its stake in Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after acquiring an additional 7,178 shares during the last quarter. American International Group Inc. raised its stake 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 worth $62,000 after purchasing an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Sagimet Biosciences during the first quarter worth $72,000. ORG Partners LLC purchased a new position in Sagimet Biosciences in the 2nd quarter valued at $43,000. Finally, Federated Hermes Inc. increased its stake in Sagimet Biosciences by 25.9% in the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock valued at $233,000 after buying an additional 14,000 shares during the period. 87.86% of the stock is owned by institutional investors and hedge funds.

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.