Sagimet Biosciences (NASDAQ:SGMT) Now Covered by HC Wainwright

HC Wainwright started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report released on Thursday, Marketbeat reports. The firm issued a buy rating and a $32.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. Leerink Partnrs reissued an outperform rating on shares of Sagimet Biosciences in a report on Monday, March 25th. JMP Securities cut their price objective on shares of Sagimet Biosciences from $47.00 to $46.00 and set a market outperform rating for the company in a research note on Wednesday, February 7th. SVB Leerink started coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They issued an outperform rating and a $26.00 target price on the stock. Finally, The Goldman Sachs Group lowered their price target on shares of Sagimet Biosciences from $37.00 to $27.00 and set a buy rating for the company in a research note on Tuesday, March 26th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and a consensus target price of $39.60.

Sagimet Biosciences Price Performance

SGMT stock opened at $4.32 on Thursday. The firm has a 50 day simple moving average of $5.03 and a two-hundred day simple moving average of $5.62. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71.

Insider Activity

In related news, CEO David Happel purchased 12,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the acquisition, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. New York State Common Retirement Fund purchased a new position in Sagimet Biosciences during the third quarter valued at $56,000. Victory Capital Management Inc. purchased a new position in shares of Sagimet Biosciences during the third quarter valued at approximately $158,000. Teacher Retirement System of Texas purchased a new stake in shares of Sagimet Biosciences in the 3rd quarter worth approximately $220,000. Federated Hermes Inc. purchased a new position in Sagimet Biosciences during the third quarter valued at $686,000. Finally, Silverarc Capital Management LLC bought a new stake in Sagimet Biosciences in the third quarter worth $880,000. 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.