Sagimet Biosciences Inc. (NASDAQ:SGMT) Stock Has Average Target Price of $26.63

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have received a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $26.63.

Several research firms have recently commented on SGMT. The Goldman Sachs Group assumed coverage on shares of Sagimet Biosciences in a research report on Thursday, September 24th. They issued a “sell” rating and a $7.00 target price for the company. Oppenheimer raised their price objective on shares of Sagimet Biosciences from $33.00 to $38.00 and gave the stock an “outperform” rating in a report on Thursday, October 1st. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Finally, Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $8.00 to $18.00 in a report on Wednesday, September 9th.

Sagimet Biosciences Stock Performance

Shares of SGMT stock opened at $9.95 on Tuesday. The firm has a market cap of $618.49 million, a P/E ratio of -7.77 and a beta of 3.46. Sagimet Biosciences has a fifty-two week low of $4.50 and a fifty-two week high of $11.45. The business’s 50 day moving average price is $9.99 and its 200-day moving average price is $8.16.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). As a group, equities analysts predict that Sagimet Biosciences will post -1.14 EPS for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, Director George Kemble sold 20,206 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $9.95, for a total value of $201,049.70. Following the sale, the director owned 62,161 shares in the company, valued at approximately $618,501.95. This represents a 24.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.50% of the stock is owned by insiders.

Institutional Trading of Sagimet Biosciences

A number of hedge funds have recently made changes to their positions in SGMT. Renaissance Technologies LLC boosted its holdings in 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 acquiring an additional 282,969 shares in the last quarter. Seven Fleet Capital Management LP bought a new position in shares of Sagimet Biosciences during the second quarter valued at $3,119,000. Dimensional Fund Advisors LP increased its holdings in shares of Sagimet Biosciences by 99.4% during the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after acquiring an additional 135,178 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Sagimet Biosciences during the second quarter valued at $1,551,000. Finally, AWM Investment Company Inc. purchased a new position in shares of Sagimet Biosciences in the 2nd quarter worth about $618,000. 87.86% of the stock is owned by institutional investors.

About Sagimet Biosciences

Sagimet Biosciences, Inc (NASDAQ:SGMT) is a clinical-stage biopharmaceutical company developing therapies that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company is focused on using FASN inhibition to address metabolic, inflammatory and oncological diseases for which additional treatment options are needed.

Sagimet’s lead investigational product is denifanstat, an orally administered, selective FASN inhibitor formerly known as TVB-2640. The company has primarily advanced denifanstat as a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease associated with liver inflammation and fibrosis.