Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Target Price at $41.50

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been assigned an average rating of “Buy” from the six research firms that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $41.50.

Several research firms have recently issued reports on SGMT. Leerink Partnrs reissued an “outperform” rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. SVB Leerink started coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They set an “outperform” rating and a $26.00 price objective on the stock. The Goldman Sachs Group dropped their target price on shares of Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. Finally, JMP Securities cut their target price on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a research note on Wednesday, February 7th.

Sagimet Biosciences Stock Performance

Shares of NASDAQ:SGMT opened at $3.92 on Friday. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The stock’s 50-day moving average is $5.47 and its 200 day moving average is $5.73.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel bought 12,100 shares of Sagimet Biosciences 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 transaction, the chief executive officer now directly owns 639,200 shares of the company’s stock, valued at $3,368,584. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Sagimet Biosciences

Several large investors have recently made changes to their positions in the business. FMR LLC bought a new stake in Sagimet Biosciences in the third quarter worth $23,517,000. Rock Springs Capital Management LP purchased a new position in shares of Sagimet Biosciences in the 3rd quarter worth about $6,498,000. RTW Investments LP bought a new position in Sagimet Biosciences in the 3rd quarter worth about $3,522,000. Platinum Investment Management Ltd. purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at about $3,378,000. Finally, CHI Advisors LLC bought a new stake in Sagimet Biosciences during the 3rd quarter valued at about $3,070,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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.