Sagimet Biosciences (NASDAQ:SGMT) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Friday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $30.00 target price on the stock.

SGMT has been the topic of several other reports. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a report on Friday, November 15th. UBS Group initiated coverage on shares of Sagimet Biosciences in a research note on Tuesday, November 12th. They set a “buy” rating and a $12.00 target price on the stock. Finally, JMP Securities cut their target price on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Sagimet Biosciences Stock Performance

Shares of SGMT stock opened at $5.10 on Friday. The firm’s 50 day moving average price is $5.06 and its 200-day moving average price is $4.08. Sagimet Biosciences has a one year low of $2.39 and a one year high of $20.71.

Institutional Investors Weigh In On Sagimet Biosciences

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of 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 during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $113,000. ORG Partners LLC purchased a new stake in shares of Sagimet Biosciences in the 2nd quarter valued at approximately $43,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $91,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Sagimet Biosciences by 49.1% in the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock valued at $265,000 after buying an additional 25,480 shares in the last quarter. 87.86% of the stock is 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.