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

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

SGMT has been the topic of a number of other research reports. UBS Group started coverage on Sagimet Biosciences in a research note on Tuesday. They issued a “buy” rating and a $12.00 price objective on the stock. JMP Securities decreased their price objective on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Sagimet Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Sagimet Biosciences Trading Down 7.9 %

Shares of SGMT traded down $0.41 during mid-day trading on Friday, reaching $4.77. The company had a trading volume of 652,325 shares, compared to its average volume of 1,112,727. Sagimet Biosciences has a twelve month low of $2.25 and a twelve month high of $20.71. The company’s 50-day moving average is $4.48 and its 200-day moving average is $4.01.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. On average, sell-side analysts predict that Sagimet Biosciences will post -1.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in SGMT. Vanguard Group Inc. boosted its holdings in shares of Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after buying an additional 894,319 shares during the period. Ikarian Capital LLC bought a new position in shares of Sagimet Biosciences during the first quarter worth approximately $2,236,000. Squarepoint Ops LLC bought a new position in shares of Sagimet Biosciences during the second quarter worth approximately $324,000. ORG Wealth Partners LLC acquired a new stake in Sagimet Biosciences during the 3rd quarter worth approximately $119,000. Finally, Acadian Asset Management LLC bought a new stake in Sagimet Biosciences in the 1st quarter valued at $188,000. Institutional investors own 87.86% of the company’s stock.

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.