Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Rating of “Buy” from Brokerages

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have received an average recommendation of “Buy” from the five research firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have covered the stock in the last year is $26.60.

Several analysts recently weighed in on SGMT shares. Jones Trading increased their target price on 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 reiterated a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research report on Tuesday, March 11th.

Institutional Trading of Sagimet Biosciences

A number of hedge funds have recently modified their holdings of SGMT. Millennium Management LLC lifted its position in shares of Sagimet Biosciences by 257.1% in the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock worth $3,120,000 after acquiring an additional 499,094 shares during the period. 683 Capital Management LLC acquired a new position in shares of Sagimet Biosciences in the 4th quarter worth approximately $622,000. Bridgeway Capital Management LLC raised its holdings in shares of Sagimet Biosciences by 62.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company’s stock worth $1,008,000 after buying an additional 85,800 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Sagimet Biosciences in the 4th quarter worth approximately $263,000. Finally, Jane Street Group LLC acquired a new position in shares of Sagimet Biosciences in the 4th quarter worth approximately $249,000. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Up 0.4%

Shares of NASDAQ:SGMT opened at $8.15 on Tuesday. The business has a 50 day moving average price of $5.23 and a 200 day moving average price of $4.34. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $10.43. The company has a market cap of $249.81 million, a price-to-earnings ratio of -4.63 and a beta of 3.35.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.23. Analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current 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.