HC Wainwright Initiates Coverage on Sagimet Biosciences (NASDAQ:SGMT)

HC Wainwright started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT - Free Report) in a research report report published on Thursday, Marketbeat reports. The firm issued a buy rating and a $32.00 price target on the stock.

A number of other research firms have also recently commented on SGMT. SVB Leerink started coverage on Sagimet Biosciences in a research report on Monday, March 25th. They set an outperform rating and a $26.00 target price on the stock. JMP Securities reduced 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. The Goldman Sachs Group lowered their price objective 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, Leerink Partnrs reiterated an outperform rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of Buy and a consensus target price of $39.60.

Sagimet Biosciences Price Performance

SGMT traded up $0.34 during midday trading on Thursday, hitting $4.45. 1,126,531 shares of the company were exchanged, compared to its average volume of 1,394,469. The company's 50 day simple moving average is $5.13 and its 200 day simple moving average is $5.63. Sagimet Biosciences has a 1-year low of $2.13 and a 1-year high of $20.71.

Insider Activity at Sagimet Biosciences

In other news, CEO David Happel acquired 12,100 shares of the business's stock in a transaction dated Tuesday, March 26th. The shares were bought at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the acquisition, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The purchase was disclosed in a filing with the SEC, which is available through this link. 17.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund acquired a new stake in shares of Sagimet Biosciences in the third quarter worth $56,000. Victory Capital Management Inc. acquired a new stake in shares of Sagimet Biosciences in the 3rd quarter valued at $158,000. Federated Hermes Inc. boosted its stake in shares of Sagimet Biosciences by 24.7% during the 4th quarter. Federated Hermes Inc. now owns 97,276 shares of the company's stock worth $527,000 after acquiring an additional 19,276 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Sagimet Biosciences during the third quarter valued at approximately $220,000. Finally, Silverarc Capital Management LLC bought a new position in Sagimet Biosciences in the 3rd quarter worth $880,000. Hedge funds and other institutional investors own 87.86% of the company's stock.

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.