Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have received an average rating of “Moderate Buy” from the seven analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $35.80.

Several research analysts recently commented on the company. The Goldman Sachs Group reissued a “neutral” rating and issued a $6.00 price objective (down from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. SVB Leerink began coverage on Sagimet Biosciences in a report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price for the company. Leerink Partnrs restated an “outperform” rating on shares of Sagimet Biosciences in a report on Monday, March 25th. HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a report on Friday, June 14th. Finally, JMP Securities restated a “market outperform” rating and issued a $48.00 target price on shares of Sagimet Biosciences in a report on Friday, June 7th.

Sagimet Biosciences Price Performance

NASDAQ SGMT opened at $3.13 on Friday. The business has a fifty day moving average price of $4.34 and a 200 day moving average price of $5.72. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.18. On average, equities research analysts expect that Sagimet Biosciences will post -1.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after purchasing an additional 894,319 shares during the period. Ikarian Capital LLC purchased a new position in shares of Sagimet Biosciences during the 1st quarter worth $2,236,000. Federated Hermes Inc. grew its holdings in shares of Sagimet Biosciences by 24.7% during the 4th quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after purchasing an additional 19,276 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Sagimet Biosciences by 215.0% during the 4th quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock worth $307,000 after purchasing an additional 38,610 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Sagimet Biosciences during the 1st quarter worth $188,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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.