Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus PT from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have received an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $23.00.

SGMT has been the topic of several recent research reports. Oppenheimer initiated coverage on Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a report on Tuesday, March 11th.

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $3.99 on Monday. Sagimet Biosciences has a 52-week low of $2.39 and a 52-week high of $7.38. The business’s fifty day moving average is $4.10 and its 200-day moving average is $4.50. The firm has a market cap of $122.39 million, a price-to-earnings ratio of -2.79 and a beta of 2.57.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.65) by $0.15. As a group, research analysts forecast that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SGMT. Barclays PLC lifted its holdings in Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company’s stock worth $159,000 after buying an additional 7,178 shares during the period. Geode Capital Management LLC lifted its holdings in 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 period. JPMorgan Chase & Co. lifted its holdings in 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 period. Jacksonville Wealth Management LLC acquired a new position in Sagimet Biosciences during the 4th quarter worth about $45,000. Finally, Stoneridge Investment Partners LLC lifted its holdings in 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 period. 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.