Sagimet Biosciences Inc. (NASDAQ:SGMT) Stock Has Consensus Price Target of $25.34 According to Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average rating of “Moderate Buy” by the twelve brokerages that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $25.34.

Several research analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a research note on Tuesday, August 25th. Canaccord Genuity Group raised their price target on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Citizens Jmp lifted their price target on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a report on Friday, August 14th. Cantor Fitzgerald started coverage on shares of Sagimet Biosciences in a research report on Wednesday, September 9th. They set an “overweight” rating and a $10.71 price objective for the company. Finally, Citigroup reissued a “market outperform” rating on shares of Sagimet Biosciences in a research note on Friday, August 14th.

Insiders Place Their Bets

In related news, CEO David Happel sold 64,051 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 741,570 shares of the company’s stock, valued at $5,754,583.20. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director George Kemble sold 20,206 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $9.95, for a total value of $201,049.70. Following the sale, the director directly owned 62,161 shares in the company, valued at approximately $618,501.95. This trade represents a 24.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 113,646 shares of company stock valued at $920,491. 11.50% of the stock is currently owned by insiders.

Institutional Trading of Sagimet Biosciences

A number of hedge funds have recently made changes to their positions in SGMT. Baird Financial Group Inc. increased its stake in shares of Sagimet Biosciences by 19.8% in the second quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock valued at $121,000 after buying an additional 2,591 shares during the period. Seven Fleet Capital Management LP bought a new position in Sagimet Biosciences in the 2nd quarter valued at approximately $3,119,000. Wellington Management Group LLP acquired a new stake in Sagimet Biosciences during the 2nd quarter worth approximately $315,000. AWM Investment Company Inc. acquired a new stake in Sagimet Biosciences during the 2nd quarter worth approximately $618,000. Finally, Bank of New York Mellon Corp acquired a new stake in Sagimet Biosciences during the 2nd quarter worth approximately $1,551,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Sagimet Biosciences Price Performance

NASDAQ SGMT opened at $9.24 on Friday. The business has a fifty day moving average price of $9.58 and a two-hundred day moving average price of $7.63. The stock has a market capitalization of $574.36 million, a PE ratio of -7.22 and a beta of 3.45. Sagimet Biosciences has a fifty-two week low of $4.50 and a fifty-two week high of $11.45.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). As a group, sell-side analysts expect that Sagimet Biosciences will post -1.19 earnings per share for the current year.

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.