Sagimet Biosciences (NASDAQ:SGMT) Stock Price Target Raised at Oppenheimer

Sagimet Biosciences (NASDAQ:SGMT) had its price objective upped by investment analysts at Oppenheimer from $33.00 to $38.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective would suggest a potential upside of 284.62% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Citigroup reiterated a “market outperform” rating on shares of Sagimet Biosciences in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Friday, July 17th. Barclays raised Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $8.00 to $18.00 in a research note on Wednesday, September 9th. Finally, Cantor Fitzgerald began coverage on Sagimet Biosciences in a research report on Wednesday, September 9th. They set an “overweight” rating and a $10.71 target price for the company. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.52.

Sagimet Biosciences Stock Performance

Shares of SGMT stock opened at $9.88 on Thursday. Sagimet Biosciences has a 52-week low of $4.50 and a 52-week high of $11.45. The firm has a market capitalization of $614.14 million, a PE ratio of -7.72 and a beta of 3.45. The stock has a fifty day simple moving average of $9.74 and a two-hundred day simple moving average of $7.72.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). On average, sell-side analysts forecast that Sagimet Biosciences will post -1.19 EPS for the current fiscal year.

Insider Activity

In related news, CEO David Happel sold 64,051 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $497,035.76. Following the completion of the sale, the chief executive officer owned 741,570 shares in the company, valued at approximately $5,754,583.20. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth Rozek sold 10,545 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $81,829.20. Following the completion of the sale, the insider directly owned 224,414 shares of the company’s stock, valued at approximately $1,741,452.64. This trade represents a 4.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 113,646 shares of company stock valued at $920,491. 11.50% of the stock is currently owned by insiders.

Institutional Trading of Sagimet Biosciences

Institutional investors have recently modified their holdings of the company. Baird Financial Group Inc. increased its stake in Sagimet Biosciences by 19.8% during the 2nd quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock valued at $121,000 after purchasing an additional 2,591 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in shares of Sagimet Biosciences during the second quarter worth $3,119,000. Wellington Management Group LLP acquired a new stake in shares of Sagimet Biosciences during the second quarter worth $315,000. AWM Investment Company Inc. purchased a new stake in shares of Sagimet Biosciences during the second quarter valued at $618,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Sagimet Biosciences during the second quarter valued at $1,551,000. 87.86% of the stock is currently owned by institutional investors.

Trending Headlines about Sagimet Biosciences

Here are the key news stories impacting Sagimet Biosciences this week:

• Positive Sentiment: Denifanstat delivered encouraging 52-week Phase 3 open-label extension results in moderate-to-severe acne. The treatment produced a 56.7% Investigator’s Global Assessment success rate, reduced total lesions by 71.8% and inflammatory lesions by 76.9%, and was generally well tolerated, with no permanent discontinuations attributed to adverse events. Sagimet Announces Positive Full 52-Week Results
• Positive Sentiment: Sagimet plans to begin screening patients for its approximately 800-patient U.S. AURORA Phase 3 acne trial in October. The data support the company’s strategy to advance denifanstat, a once-daily oral FASN inhibitor, toward the U.S. market. Sagimet Phase 3 Data and U.S. Phase 3 Plans
• Positive Sentiment: Oppenheimer raised its price target for SGMT to $38, signaling substantial potential upside if denifanstat’s U.S. development program succeeds. Oppenheimer Raises Sagimet Price Target
• Neutral Sentiment: The positive efficacy results came from a Chinese trial conducted by license partner Ascletis. Investors will likely focus on whether the findings translate to the U.S. AURORA trial and ultimately support regulatory approval.
• Negative Sentiment: Sagimet priced a $115 million underwritten offering of 8.75 million Series A shares at $10 per share, with pre-funded warrants representing another 2.75 million shares. The financing strengthens the balance sheet and funds the Phase 3 program, but the potentially substantial increase in shares outstanding is pressuring the stock through dilution concerns. Sagimet Prices $115 Million Offering

Sagimet Biosciences Company Profile

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases associated with abnormal lipid metabolism. The company’s primary focus is fatty acid synthase (FASN), an enzyme involved in the production of fatty acids that can contribute to disease progression in certain metabolic and inflammatory conditions.

Sagimet’s lead product candidate is denifanstat, formerly known as TVB-2640. Denifanstat is an orally administered, selective FASN inhibitor being evaluated primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can lead to fibrosis, cirrhosis and other serious complications.