Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) PT at $23.00

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been assigned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $23.00.

SGMT has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research note on Tuesday, March 11th. Oppenheimer started coverage on shares of Sagimet Biosciences in a research report on Friday, December 6th. They issued an “outperform” rating and a $30.00 target price for the company.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT opened at $3.85 on Monday. The company’s 50-day simple moving average is $4.15 and its 200-day simple moving average is $4.47. Sagimet Biosciences has a 52-week low of $2.39 and a 52-week high of $7.38. The firm has a market cap of $118.10 million, a price-to-earnings ratio of -2.69 and a beta of 2.57.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.65) by $0.15. Equities research analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of SGMT. Barclays PLC increased its position in Sagimet Biosciences by 14.3% during the third quarter. Barclays PLC now owns 57,230 shares of the company’s stock worth $159,000 after purchasing an additional 7,178 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Sagimet Biosciences by 56.7% during the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after buying an additional 91,246 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Sagimet Biosciences by 66.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock worth $199,000 after buying an additional 28,690 shares during the last quarter. Stoneridge Investment Partners LLC increased its holdings in shares of Sagimet Biosciences by 22.2% during the 4th quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock worth $94,000 after buying an additional 3,780 shares during the last quarter. Finally, Jacksonville Wealth Management LLC acquired a new stake in shares of Sagimet Biosciences during the 4th quarter worth approximately $45,000. 87.86% of the stock is 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.