Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus Target Price from Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $23.00.

Several equities analysts have recently issued reports on SGMT shares. Oppenheimer started coverage on shares of Sagimet Biosciences in a report on Friday, December 6th. They set an “outperform” rating and a $30.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a report on Tuesday, March 11th.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds have recently added to or reduced their stakes in SGMT. Millennium Management LLC raised its holdings in Sagimet Biosciences by 257.1% in the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock worth $3,120,000 after acquiring an additional 499,094 shares during the last quarter. 683 Capital Management LLC purchased a new position in Sagimet Biosciences in the 4th quarter worth approximately $622,000. Geode Capital Management LLC raised its holdings in Sagimet Biosciences by 56.7% in the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after acquiring an additional 91,246 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in Sagimet Biosciences by 62.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company’s stock worth $1,008,000 after acquiring an additional 85,800 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in Sagimet Biosciences in the 4th quarter worth approximately $263,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $3.99 on Monday. The stock’s 50 day simple moving average is $4.10 and its two-hundred day simple moving average is $4.47. The stock has a market cap of $122.39 million, a price-to-earnings ratio of -2.79 and a beta of 2.57. Sagimet Biosciences has a fifty-two week low of $2.39 and a fifty-two week high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Wednesday, March 12th. The company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.15. On average, analysts predict that Sagimet Biosciences will post -1.6 earnings per share for the current 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.