Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Target Price at $24.00

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have earned a consensus rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $21.60.

Several equities analysts recently issued reports on SGMT shares. HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research report on Friday. JMP Securities cut their target price on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 15th. Finally, UBS Group initiated coverage on Sagimet Biosciences in a research report on Tuesday, November 12th. They issued a “buy” rating and a $12.00 target price on the stock.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds have recently added to or reduced their stakes in the business. American International Group Inc. boosted its holdings in Sagimet Biosciences by 312.0% in the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after purchasing an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in shares of Sagimet Biosciences during the 1st quarter worth about $72,000. ORG Partners LLC purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter worth about $43,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter worth about $51,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Sagimet Biosciences during the 1st quarter worth about $91,000. 87.86% of the stock is owned by hedge funds and other institutional investors.

Sagimet Biosciences Price Performance

NASDAQ SGMT opened at $4.36 on Tuesday. The stock’s fifty day moving average price is $4.55 and its 200 day moving average price is $4.01. Sagimet Biosciences has a 1 year low of $2.39 and a 1 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.