Sagimet Biosciences (NASDAQ:SGMT) Stock Rating Reaffirmed by JMP Securities

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a research note issued on Friday, Benzinga reports. They presently have a $48.00 price target on the stock.

SGMT has been the topic of a number of other research reports. SVB Leerink assumed coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They set an “outperform” rating and a $26.00 target price on the stock. The Goldman Sachs Group decreased their price target on shares of Sagimet Biosciences from $27.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, May 16th. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research note on Friday. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Monday, March 25th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $39.20.

Sagimet Biosciences Stock Up 1.7 %

NASDAQ SGMT traded up $0.08 during trading hours on Friday, hitting $4.78. The company had a trading volume of 153,028 shares, compared to its average volume of 1,243,820. The firm has a 50 day simple moving average of $4.64 and a 200 day simple moving average of $5.64. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

Insiders Place Their Bets

In other Sagimet Biosciences news, CEO David Happel purchased 12,100 shares of Sagimet Biosciences stock in a transaction on Tuesday, March 26th. The shares were acquired at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the transaction, the chief executive officer now directly owns 639,200 shares of the company’s stock, valued at $3,368,584. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. FMR LLC purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at $23,517,000. Vanguard Group Inc. grew its stake in shares of Sagimet Biosciences by 364.9% in the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after purchasing an additional 894,319 shares during the last quarter. Rock Springs Capital Management LP purchased a new position in Sagimet Biosciences during the 3rd quarter valued at about $6,498,000. Ikarian Capital LLC bought a new position in Sagimet Biosciences during the 1st quarter valued at approximately $2,236,000. Finally, RTW Investments LP bought a new position in Sagimet Biosciences during the 3rd quarter valued at approximately $3,522,000. Hedge funds and other institutional investors 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.