Citizens Jmp Forecasts Strong Price Appreciation for Sagimet Biosciences (NASDAQ:SGMT) Stock

Sagimet Biosciences (NASDAQ:SGMT) had its target price boosted by stock analysts at Citizens Jmp from $33.00 to $35.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price target would suggest a potential upside of 358.36% from the stock’s current price.

A number of other equities analysts have also recently issued reports on SGMT. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Wednesday, October 8th. Citigroup reiterated an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday. Wall Street Zen upgraded shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Wedbush assumed coverage on Sagimet Biosciences in a research note on Monday, August 11th. They issued an “outperform” rating and a $28.00 target price on the stock. Finally, HC Wainwright upgraded Sagimet Biosciences to a “buy” rating and set a $29.00 target price on the stock in a report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Sagimet Biosciences Stock Down 1.3%

Shares of NASDAQ:SGMT traded down $0.10 during trading on Friday, reaching $7.64. The stock had a trading volume of 73,914 shares, compared to its average volume of 942,483. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41. The stock has a fifty day simple moving average of $7.47 and a two-hundred day simple moving average of $7.05. The firm has a market capitalization of $248.32 million, a price-to-earnings ratio of -4.16 and a beta of 3.26.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.01. On average, analysts forecast that Sagimet Biosciences will post -1.6 EPS for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds have recently made changes to their positions in the stock. ANTIPODES PARTNERS Ltd bought a new stake in Sagimet Biosciences during the 2nd quarter worth $41,000. Bank of America Corp DE boosted its position in Sagimet Biosciences by 81.8% during the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after acquiring an additional 4,473 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in Sagimet Biosciences during the 1st quarter worth about $35,000. XTX Topco Ltd acquired a new position in shares of Sagimet Biosciences in the 1st quarter valued at about $35,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at about $95,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.