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

HC Wainwright assumed coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $32.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on the company. JMP Securities cut their target price on Sagimet Biosciences from $47.00 to $46.00 and set a market outperform rating for the company in a research note on Wednesday, February 7th. SVB Leerink began coverage on Sagimet Biosciences in a research note on Monday, March 25th. They issued an outperform rating and a $26.00 price objective on the stock. Leerink Partnrs reaffirmed an outperform rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. Finally, The Goldman Sachs Group cut their price objective on Sagimet Biosciences from $37.00 to $27.00 and set a buy rating on the stock in a research note on Tuesday, March 26th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Sagimet Biosciences currently has a consensus rating of Buy and a consensus price target of $39.60.

Sagimet Biosciences Stock Down 2.9 %

Sagimet Biosciences stock opened at $4.32 on Thursday. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71. The stock’s 50 day moving average is $5.03 and its 200-day moving average is $5.61.

Insider Activity

In other Sagimet Biosciences news, CEO David Happel acquired 12,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average cost of $5.27 per share, with a total value of $63,767.00. Following the acquisition, the chief executive officer now owns 639,200 shares in the company, valued at $3,368,584. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. FMR LLC purchased a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $23,517,000. Rock Springs Capital Management LP purchased a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $6,498,000. RTW Investments LP purchased a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $3,522,000. Platinum Investment Management Ltd. purchased a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $3,378,000. Finally, CHI Advisors LLC purchased a new position in Sagimet Biosciences in the 3rd quarter valued at approximately $3,070,000. 87.86% of the stock is currently 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.