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

UBS Group assumed coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report issued on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $12.00 price target on the stock.

SGMT has been the subject of several other research reports. JMP Securities lowered their target price on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a report on Thursday, August 15th. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.60.

Sagimet Biosciences Stock Up 1.5 %

NASDAQ:SGMT opened at $5.94 on Tuesday. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The stock has a 50-day simple moving average of $4.37 and a 200-day simple moving average of $3.99.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results 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, equities analysts expect that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Sagimet Biosciences by 364.9% in the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after purchasing an additional 894,319 shares in the last quarter. Ikarian Capital LLC acquired a new position in Sagimet Biosciences during the first quarter worth about $2,236,000. Squarepoint Ops LLC purchased a new stake in shares of Sagimet Biosciences in the second quarter valued at about $324,000. ORG Wealth Partners LLC acquired a new stake in shares of Sagimet Biosciences in the third quarter valued at approximately $119,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Sagimet Biosciences during the 1st quarter worth approximately $188,000. Institutional investors and hedge funds 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.