Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Target Price at $24.00

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given an average rating of “Moderate Buy” by the six brokerages that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $21.60.

Several research analysts have recently commented on SGMT shares. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research note on Thursday, October 31st. JMP Securities reduced their target price on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. Finally, UBS Group started coverage on Sagimet Biosciences in a research note on Tuesday. They set a “buy” rating and a $12.00 target price for the company.

Institutional Trading of Sagimet Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new stake in Sagimet Biosciences during the 3rd quarter worth approximately $119,000. Squarepoint Ops LLC acquired a new position in shares of Sagimet Biosciences during the 2nd quarter worth $324,000. Federated Hermes Inc. raised its holdings in shares of Sagimet Biosciences by 25.9% during the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after buying an additional 14,000 shares in the last quarter. Ground Swell Capital LLC acquired a new position in shares of Sagimet Biosciences during the 2nd quarter worth $78,000. Finally, Acadian Asset Management LLC raised its holdings in shares of Sagimet Biosciences by 96.0% during the 2nd quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock worth $232,000 after buying an additional 33,522 shares in the last quarter. 87.86% of the stock is owned by institutional investors and hedge funds.

Sagimet Biosciences Stock Performance

SGMT stock opened at $5.18 on Tuesday. The business has a 50 day moving average price of $4.48 and a two-hundred day moving average price of $4.01. Sagimet Biosciences has a twelve month low of $2.25 and a twelve month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. Equities research analysts forecast that Sagimet Biosciences will post -1.56 EPS for the current fiscal year.

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.