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

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

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

Sagimet Biosciences Price Performance

Shares of NASDAQ:SGMT traded down $0.13 during midday trading on Thursday, reaching $4.32. The company had a trading volume of 770,647 shares, compared to its average volume of 421,030. The company’s 50 day moving average price is $5.03 and its 200 day moving average price is $5.61. Sagimet Biosciences has a 52-week low of $2.13 and a 52-week high of $20.71.

Insider Buying and Selling at Sagimet Biosciences

In other news, CEO David Happel purchased 12,100 shares of the 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 acquisition, the chief executive officer now owns 639,200 shares in the company, valued at approximately $3,368,584. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 17.60% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC purchased a new stake in shares of Sagimet Biosciences in the third quarter worth about $23,517,000. Rock Springs Capital Management LP purchased a new stake in shares of Sagimet Biosciences in the third quarter worth about $6,498,000. RTW Investments LP bought a new position in shares of Sagimet Biosciences in the third quarter worth approximately $3,522,000. Platinum Investment Management Ltd. bought a new position in shares of Sagimet Biosciences in the third quarter worth approximately $3,378,000. Finally, CHI Advisors LLC bought a new position in shares of Sagimet Biosciences in the third quarter worth approximately $3,070,000. 87.86% of the stock is owned by hedge funds and other institutional investors.

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.