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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received a consensus rating of “Moderate Buy” from the eight analysts that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $25.6667.

Several research firms recently issued reports on SGMT. Canaccord Genuity Group reaffirmed a “buy” rating and set a $28.00 price objective on shares of Sagimet Biosciences in a report on Thursday, October 2nd. Wall Street Zen upgraded shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. HC Wainwright upgraded shares of Sagimet Biosciences to a “buy” rating and set a $29.00 target price for the company in a research report on Thursday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Wednesday, October 8th. Finally, Wedbush assumed coverage on shares of Sagimet Biosciences in a research report on Monday, August 11th. They issued an “outperform” rating and a $28.00 price objective for the company.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $8.52 on Monday. The firm has a market cap of $277.07 million, a PE ratio of -4.66 and a beta of 3.26. The firm’s 50 day moving average price is $7.36 and its two-hundred day moving average price is $6.77. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.20. Equities analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Institutional Trading of Sagimet Biosciences

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in Sagimet Biosciences during the first quarter worth about $35,000. Persistent Asset Partners Ltd bought a new stake in Sagimet Biosciences in the first quarter valued at approximately $35,000. ANTIPODES PARTNERS Ltd bought a new stake in Sagimet Biosciences in the second quarter valued at approximately $41,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Sagimet Biosciences during the 1st quarter worth approximately $49,000. Finally, Jasper Ridge Partners L.P. acquired a new stake in shares of Sagimet Biosciences during the 1st quarter worth approximately $62,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

About Sagimet Biosciences

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.