Sagimet Biosciences' (SGMT) "Buy" Rating Reiterated at HC Wainwright

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

Several other research analysts have also recently issued reports on the company. JMP Securities dropped their price target on Sagimet Biosciences from $47.00 to $46.00 and set a market outperform rating on the stock in a report on Wednesday, February 7th. Leerink Partnrs reaffirmed an outperform rating on shares of Sagimet Biosciences in a report on Monday, March 25th. SVB Leerink started coverage on Sagimet Biosciences in a research note on Monday, March 25th. They issued an outperform rating and a $26.00 price target on the stock. Finally, The Goldman Sachs Group cut their price objective on Sagimet Biosciences from $27.00 to $23.00 and set a buy rating on the stock in a report on Thursday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Sagimet Biosciences presently has an average rating of Buy and an average price target of $38.80.

Sagimet Biosciences Stock Up 2.8 %

Shares of NASDAQ SGMT traded up $0.13 during midday trading on Thursday, reaching $4.75. The company's stock had a trading volume of 305,914 shares, compared to its average volume of 1,290,673. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71. The company has a 50 day moving average price of $4.70 and a 200 day moving average price of $5.61.

Insider Activity at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel bought 12,100 shares of the stock in a transaction on Tuesday, March 26th. The shares were bought at an average price of $5.27 per share, with a total value of $63,767.00. Following the purchase, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.60% of the stock is owned by insiders.

Institutional Trading of Sagimet Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of SGMT. Teacher Retirement System of Texas bought a new stake in Sagimet Biosciences in the third quarter worth approximately $220,000. Platinum Investment Management Ltd. bought a new stake in Sagimet Biosciences in the third quarter worth $3,378,000. Victory Capital Management Inc. bought a new stake in Sagimet Biosciences in the third quarter worth $158,000. New York State Common Retirement Fund acquired a new position in Sagimet Biosciences during the third quarter worth $56,000. Finally, FMR LLC bought a new position in Sagimet Biosciences during the third quarter valued at about $23,517,000. 87.86% of the stock is currently owned by hedge funds and other 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.