Sagimet Biosciences’ (SGMT) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report report published on Thursday, Benzinga reports. HC Wainwright currently has a $32.00 price target on the stock.

Separately, JMP Securities dropped their price target 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 research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Sagimet Biosciences Stock Up 3.5 %

Shares of Sagimet Biosciences stock opened at $5.33 on Thursday. Sagimet Biosciences has a fifty-two week low of $2.13 and a fifty-two week high of $20.71. The company has a fifty day moving average of $3.97 and a 200 day moving average of $3.90.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.09. On average, analysts anticipate that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Sagimet Biosciences by 364.9% during the first 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 stake in shares of Sagimet Biosciences during the 1st quarter worth approximately $2,236,000. Squarepoint Ops LLC purchased a new position in Sagimet Biosciences during the 2nd quarter valued at $324,000. ORG Wealth Partners LLC bought a new position in Sagimet Biosciences in the 3rd quarter valued at $119,000. Finally, Acadian Asset Management LLC purchased a new stake in Sagimet Biosciences in the first quarter worth $188,000. 87.86% of the stock is owned by 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.