Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $24.00 Consensus Price Target from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $21.60.

SGMT has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research note on Thursday, October 31st. UBS Group started coverage on Sagimet Biosciences in a research report on Tuesday. They issued a “buy” rating and a $12.00 price target on the stock. Finally, JMP Securities lowered their price target on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 15th.

Sagimet Biosciences Trading Down 14.0 %

Shares of SGMT stock opened at $5.18 on Tuesday. Sagimet Biosciences has a 12 month low of $2.25 and a 12 month high of $20.71. The stock has a 50 day moving average of $4.48 and a 200-day moving average of $4.01.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.09. As a group, sell-side analysts expect that Sagimet Biosciences will post -1.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds have recently modified their holdings of SGMT. Vanguard Group Inc. grew its holdings in shares of Sagimet Biosciences by 364.9% during the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after buying an additional 894,319 shares in the last quarter. Ikarian Capital LLC bought a new position in shares of Sagimet Biosciences during the first quarter worth about $2,236,000. Squarepoint Ops LLC bought a new position in shares of Sagimet Biosciences during the second quarter worth about $324,000. ORG Wealth Partners LLC bought a new position in Sagimet Biosciences in the third quarter valued at approximately $119,000. Finally, Acadian Asset Management LLC bought a new position in Sagimet Biosciences in the first quarter valued at approximately $188,000. Institutional investors and hedge funds 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.