Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $26.60 Consensus Price Target from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus recommendation of “Buy” from the five analysts that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $26.60.

Several analysts have recently weighed in on SGMT shares. Jones Trading lifted their price objective on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, June 6th. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research report on Tuesday, March 11th.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in Sagimet Biosciences by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,938 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth $249,000. Wells Fargo & Company MN bought a new stake in Sagimet Biosciences in the 4th quarter worth about $31,000. Dimensional Fund Advisors LP bought a new stake in Sagimet Biosciences in the 4th quarter worth about $114,000. Finally, Squarepoint Ops LLC grew its position in Sagimet Biosciences by 72.4% in the 4th quarter. Squarepoint Ops LLC now owns 50,484 shares of the company’s stock worth $227,000 after purchasing an additional 21,195 shares in the last quarter. 87.86% of the stock is owned by institutional investors.

Sagimet Biosciences Stock Up 0.4%

Shares of NASDAQ SGMT opened at $8.15 on Tuesday. The firm has a fifty day simple moving average of $5.13 and a 200 day simple moving average of $4.33. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $10.43. The company has a market capitalization of $249.81 million, a PE ratio of -4.63 and a beta of 3.35.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.23. As a group, equities analysts expect that Sagimet Biosciences will post -1.6 earnings per share 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.