Sagimet Biosciences’ (SGMT) “Neutral” Rating Reaffirmed at The Goldman Sachs Group

The Goldman Sachs Group reiterated their neutral rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report released on Friday morning, Marketbeat reports. The Goldman Sachs Group currently has a $6.00 target price on the stock, down from their previous target price of $23.00.

Several other research firms also recently weighed in on SGMT. Leerink Partnrs restated an outperform rating on shares of Sagimet Biosciences in a report on Monday, March 25th. HC Wainwright restated a buy rating and set a $32.00 target price on shares of Sagimet Biosciences in a report on Friday, June 14th. SVB Leerink started coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They set an outperform rating and a $26.00 target price for the company. Finally, JMP Securities restated a market outperform rating and set a $48.00 target price on shares of Sagimet Biosciences in a report on Friday, June 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Sagimet Biosciences has a consensus rating of Moderate Buy and an average target price of $35.80.

Sagimet Biosciences Trading Down 16.8 %

Shares of NASDAQ SGMT opened at $3.42 on Friday. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71. The firm has a 50-day moving average price of $4.49 and a 200 day moving average price of $5.84.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Wednesday, May 15th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.18. Analysts anticipate that Sagimet Biosciences will post -1.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC purchased a new stake in Sagimet Biosciences in the third quarter valued at approximately $23,517,000. Federated Hermes Inc. purchased a new stake in Sagimet Biosciences in the third quarter valued at approximately $686,000. Rock Springs Capital Management LP purchased a new stake in Sagimet Biosciences in the third quarter valued at approximately $6,498,000. RTW Investments LP purchased a new stake in Sagimet Biosciences in the third quarter valued at approximately $3,522,000. Finally, Victory Capital Management Inc. grew its holdings in Sagimet Biosciences by 215.0% in the fourth quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock valued at $307,000 after purchasing an additional 38,610 shares during the period. 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.