Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Price Target at $35.80

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $35.80.

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

Sagimet Biosciences Stock Performance

NASDAQ SGMT opened at $3.27 on Friday. The stock’s 50-day simple moving average is $4.30 and its two-hundred day simple moving average is $5.68. Sagimet Biosciences has a twelve month low of $2.13 and a twelve 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 for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.18. Research analysts predict that Sagimet Biosciences will post -1.76 EPS for the current year.

Institutional Trading of Sagimet Biosciences

Several large investors have recently modified their holdings of SGMT. Federated Hermes Inc. bought a new stake in shares of Sagimet Biosciences in the third quarter worth about $686,000. Victory Capital Management Inc. boosted its position in Sagimet Biosciences by 215.0% during the 4th quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock valued at $307,000 after acquiring an additional 38,610 shares in the last quarter. Vanguard Group Inc. boosted its position in Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after acquiring an additional 894,319 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Sagimet Biosciences during the 1st quarter valued at approximately $188,000. Finally, O Shaughnessy Asset Management LLC bought a new stake in Sagimet Biosciences during the 1st quarter valued at approximately $72,000. 87.86% of the stock is owned by 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.