Sagimet Biosciences (NASDAQ:SGMT) Given New $50.00 Price Target at Canaccord Genuity Group

Sagimet Biosciences (NASDAQ:SGMT) had its price objective cut by Canaccord Genuity Group from $56.00 to $50.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on SGMT. Barclays upgraded shares of 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 research note on Wednesday, September 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Thursday, October 15th. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research report on Thursday, October 1st. Finally, Guggenheim lifted their price objective on Sagimet Biosciences from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, October 2nd. Nine investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.07.

Sagimet Biosciences Stock Performance

SGMT stock opened at $10.22 on Friday. The company has a fifty day moving average price of $9.88 and a 200-day moving average price of $7.69. Sagimet Biosciences has a 52-week low of $4.50 and a 52-week high of $11.45. The company has a market capitalization of $635.28 million, a P/E ratio of -8.59 and a beta of 3.43.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.05). As a group, sell-side analysts forecast that Sagimet Biosciences will post -1.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position 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 period. Seven Fleet Capital Management LP acquired a new position in shares of Sagimet Biosciences in the second quarter worth $3,119,000. Bank of New York Mellon Corp purchased a new stake in shares of Sagimet Biosciences during the second quarter worth $1,551,000. Renaissance Technologies LLC increased its position in shares of Sagimet Biosciences by 82.6% during the first quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after acquiring an additional 282,969 shares during the period. Finally, Inspire Investing LLC purchased a new stake in shares of Sagimet Biosciences during the third quarter worth $617,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing medicines that target fatty acid synthase (FASN), an enzyme involved in the body’s production of fatty acids. The company is based in San Mateo, California. Its lead drug candidate, denifanstat (also known as TVB-2640), is an oral FASN inhibitor being developed for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The candidate has also been studied for other conditions. Sagimet is also developing TVB-3567, another FASN inhibitor being investigated as a potential treatment for acne.