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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $21.60.

SGMT has been the topic of a number of recent research reports. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a research note on Friday. UBS Group assumed coverage on shares of Sagimet Biosciences in a research report on Tuesday, November 12th. They set a “buy” rating and a $12.00 target price on the stock. Finally, JMP Securities dropped their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report on Thursday, August 15th.

Sagimet Biosciences Trading Down 8.7 %

NASDAQ SGMT opened at $4.73 on Tuesday. Sagimet Biosciences has a twelve month low of $2.25 and a twelve month high of $20.71. The firm has a 50-day simple moving average of $4.52 and a 200 day simple moving average of $4.01.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.09. As a group, sell-side analysts expect that Sagimet Biosciences will post -1.56 earnings per share for the current fiscal year.

Institutional Trading of Sagimet Biosciences

Several hedge funds have recently modified their holdings of the company. ORG Partners LLC acquired a new position in shares of Sagimet Biosciences in the 2nd quarter worth approximately $43,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Sagimet Biosciences during the second quarter worth $51,000. American International Group Inc. increased its stake in shares of Sagimet Biosciences by 312.0% in the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after buying an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at $72,000. Finally, Ground Swell Capital LLC acquired a new position in Sagimet Biosciences during the 2nd quarter worth about $78,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

About Sagimet Biosciences

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.