Sagimet Biosciences (NASDAQ:SGMT) Stock Price Target Cut by Citizens Jmp

Sagimet Biosciences (NASDAQ:SGMT) had its price target cut by investment analysts at Citizens Jmp from $29.00 to $27.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price target would suggest a potential upside of 173.28% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a research report on Monday. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a research note on Thursday. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $8.00 to $18.00 in a report on Wednesday, September 9th. Canaccord Genuity Group raised their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Sagimet Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.09.

Sagimet Biosciences Stock Up 5.9%

NASDAQ SGMT opened at $9.88 on Thursday. The company has a 50 day moving average price of $9.74 and a 200 day moving average price of $7.72. The firm has a market cap of $614.14 million, a PE ratio of -7.72 and a beta of 3.45. Sagimet Biosciences has a 52 week low of $4.50 and a 52 week high of $11.45.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). On average, equities research analysts anticipate that Sagimet Biosciences will post -1.19 earnings per share for the current fiscal year.

Insider Activity

In other Sagimet Biosciences news, CEO David Happel sold 64,051 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $497,035.76. Following the completion of the sale, the chief executive officer directly owned 741,570 shares of the company’s stock, valued at approximately $5,754,583.20. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth Rozek sold 10,545 shares of Sagimet Biosciences stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total transaction of $81,829.20. Following the completion of the transaction, the insider owned 224,414 shares in the company, valued at approximately $1,741,452.64. This trade represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 113,646 shares of company stock valued at $920,491 in the last ninety days. 11.50% of the stock is currently owned by company insiders.

Institutional Trading of Sagimet Biosciences

Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in shares of Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after buying an additional 282,969 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in Sagimet Biosciences in the 2nd quarter worth approximately $3,119,000. Dimensional Fund Advisors LP increased its stake in Sagimet Biosciences by 99.4% in the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after purchasing an additional 135,178 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Sagimet Biosciences during the 2nd quarter valued at about $1,551,000. Finally, AWM Investment Company Inc. purchased a new position in Sagimet Biosciences during the second quarter worth approximately $618,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Trending Headlines about Sagimet Biosciences

Here are the key news stories impacting Sagimet Biosciences this week:

• Positive Sentiment: Denifanstat delivered encouraging 52-week Phase 3 open-label extension results in moderate-to-severe acne. The treatment produced a 56.7% Investigator’s Global Assessment success rate, reduced total lesions by 71.8% and inflammatory lesions by 76.9%, and was generally well tolerated, with no permanent discontinuations attributed to adverse events. Sagimet Announces Positive Full 52-Week Results
• Positive Sentiment: Sagimet plans to begin screening patients for its approximately 800-patient U.S. AURORA Phase 3 acne trial in October. The data support the company’s strategy to advance denifanstat, a once-daily oral FASN inhibitor, toward the U.S. market. Sagimet Phase 3 Data and U.S. Phase 3 Plans
• Positive Sentiment: Oppenheimer raised its price target for SGMT to $38, signaling substantial potential upside if denifanstat’s U.S. development program succeeds. Oppenheimer Raises Sagimet Price Target
• Neutral Sentiment: The positive efficacy results came from a Chinese trial conducted by license partner Ascletis. Investors will likely focus on whether the findings translate to the U.S. AURORA trial and ultimately support regulatory approval.
• Negative Sentiment: Sagimet priced a $115 million underwritten offering of 8.75 million Series A shares at $10 per share, with pre-funded warrants representing another 2.75 million shares. The financing strengthens the balance sheet and funds the Phase 3 program, but the potentially substantial increase in shares outstanding is pressuring the stock through dilution concerns. Sagimet Prices $115 Million Offering

Sagimet Biosciences Company Profile

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases associated with abnormal lipid metabolism. The company’s primary focus is fatty acid synthase (FASN), an enzyme involved in the production of fatty acids that can contribute to disease progression in certain metabolic and inflammatory conditions.

Sagimet’s lead product candidate is denifanstat, formerly known as TVB-2640. Denifanstat is an orally administered, selective FASN inhibitor being evaluated primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can lead to fibrosis, cirrhosis and other serious complications.