The Goldman Sachs Group Reaffirms “Neutral” Rating for Sagimet Biosciences (NASDAQ:SGMT)

The Goldman Sachs Group reissued their neutral rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note issued to investors on Friday, 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 equities analysts have also recently commented on SGMT. HC Wainwright reissued a buy rating and set a $32.00 target price on shares of Sagimet Biosciences in a research note on Friday, June 14th. Leerink Partnrs restated an outperform rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. SVB Leerink initiated coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They set an outperform rating and a $26.00 price objective for the company. Finally, JMP Securities restated a market outperform rating and set a $48.00 price objective on shares of Sagimet Biosciences in a research 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 stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $35.80.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock opened at $3.42 on Friday. The company’s 50-day moving average price is $4.49 and its two-hundred day moving average price is $5.84. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. American International Group Inc. boosted its holdings in shares of Sagimet Biosciences by 312.0% in the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after buying an additional 8,612 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of Sagimet Biosciences in the first quarter worth about $72,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Sagimet Biosciences in the first quarter worth about $91,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Sagimet Biosciences in the first quarter worth about $113,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Sagimet Biosciences in the first quarter worth about $188,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.