Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Rating of “Moderate Buy” from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $35.80.

Several research analysts have recently issued reports on the company. The Goldman Sachs Group reissued a “neutral” rating and issued a $6.00 target price (down previously from $23.00) on shares of Sagimet Biosciences in a research report on Friday, June 28th. SVB Leerink assumed coverage on Sagimet Biosciences in a report on Monday, March 25th. They issued an “outperform” rating and a $26.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research report on Friday, June 14th. JMP Securities reaffirmed a “market outperform” rating and issued a $48.00 target price on shares of Sagimet Biosciences in a research report on Friday, June 7th. Finally, Leerink Partnrs reissued an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT opened at $2.85 on Friday. The firm has a fifty day simple moving average of $4.40 and a two-hundred day simple moving average of $5.77. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.18. As a group, analysts predict that Sagimet Biosciences will post -1.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Sagimet Biosciences by 364.9% in the 1st 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. Ikarian Capital LLC purchased a new position in Sagimet Biosciences in the first quarter worth about $2,236,000. Federated Hermes Inc. lifted its stake in shares of Sagimet Biosciences by 24.7% in the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after buying an additional 19,276 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Sagimet Biosciences by 215.0% in the fourth quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock worth $307,000 after buying an additional 38,610 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Sagimet Biosciences during the first quarter valued at approximately $188,000. 87.86% of the stock is 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.