Canaccord Genuity Group Issues Pessimistic Forecast for Sagimet Biosciences (NASDAQ:SGMT) Stock Price

Sagimet Biosciences (NASDAQ:SGMT) had its price objective reduced by equities researchers at Canaccord Genuity Group from $56.00 to $50.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price would indicate a potential upside of 357.46% from the company’s current price.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Barclays upgraded shares of Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $8.00 to $18.00 in a research note on Wednesday, September 9th. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research note on Monday, October 5th. Oppenheimer increased their price objective on shares of Sagimet Biosciences from $33.00 to $38.00 and gave the stock an “outperform” rating in a research report on Thursday, October 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, October 15th. Nine research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average target price of $25.97.

Sagimet Biosciences Price Performance

NASDAQ SGMT opened at $10.93 on Friday. The firm has a market capitalization of $679.41 million, a P/E ratio of -8.54 and a beta of 3.43. Sagimet Biosciences has a 1-year low of $4.50 and a 1-year high of $11.45. The business’s 50-day simple moving average is $9.89 and its 200-day simple moving average is $7.66.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Thursday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). On average, equities research analysts expect that Sagimet Biosciences will post -1.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors and hedge funds have recently modified their holdings of SGMT. Renaissance Technologies LLC boosted its position in shares of Sagimet Biosciences by 82.6% in the first quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after buying an additional 282,969 shares during the period. Seven Fleet Capital Management LP purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at about $3,119,000. Bank of New York Mellon Corp purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at about $1,551,000. Dimensional Fund Advisors LP raised its holdings in shares of Sagimet Biosciences by 99.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after buying an additional 135,178 shares during the period. Finally, AWM Investment Company Inc. acquired a new position in Sagimet Biosciences during the 2nd quarter worth approximately $618,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing medicines that target fatty acid synthase (FASN), an enzyme involved in the body’s production of fatty acids. The company is based in San Mateo, California. Its lead drug candidate, denifanstat (also known as TVB-2640), is an oral FASN inhibitor being developed for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The candidate has also been studied for other conditions. Sagimet is also developing TVB-3567, another FASN inhibitor being investigated as a potential treatment for acne.