Sagimet Biosciences (NASDAQ:SGMT) Coverage Initiated at UBS Group

UBS Group began coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $12.00 price objective on the stock.

SGMT has been the subject of several other research reports. HC Wainwright restated a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research note on Thursday, October 31st. JMP Securities decreased their target price 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 equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Sagimet Biosciences Price Performance

Shares of Sagimet Biosciences stock opened at $4.73 on Tuesday. Sagimet Biosciences has a one year low of $2.25 and a one year high of $20.71. The business has a 50-day simple moving average of $4.52 and a 200-day simple moving average of $4.01.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.09. As a group, equities research analysts forecast that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SGMT. ORG Partners LLC purchased a new stake in Sagimet Biosciences in the second quarter valued at approximately $43,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Sagimet Biosciences in the second quarter valued at approximately $51,000. American International Group Inc. increased its holdings in shares of 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 period. O Shaughnessy Asset Management LLC acquired a new position in shares of Sagimet Biosciences in the first quarter valued at approximately $72,000. Finally, Ground Swell Capital LLC acquired a new position in shares of Sagimet Biosciences in the second quarter valued at approximately $78,000. Hedge funds and other 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.