Sagimet Biosciences Inc. (NASDAQ:SGMT) Stock Has Consensus Target Price of $26.63

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus rating of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $26.63.

SGMT has been the subject of a number of recent research reports. Oppenheimer boosted their price target on shares of Sagimet Biosciences from $33.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, October 1st. Guggenheim upped their price objective on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, October 2nd. Wall Street Zen lowered shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, October 15th. Finally, Canaccord Genuity Group lifted their price objective on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, August 12th.

Insider Buying and Selling at Sagimet Biosciences

In other news, Director George Kemble sold 20,206 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the transaction, the director owned 62,161 shares in the company, valued at $618,501.95. This trade represents a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 11.50% of the stock is owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

Several institutional investors have recently made changes to their positions in SGMT. Dimensional Fund Advisors LP increased its stake in Sagimet Biosciences by 99.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after buying an additional 135,178 shares during the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Sagimet Biosciences in the 2nd quarter worth approximately $3,119,000. Bank of New York Mellon Corp purchased a new position in shares of Sagimet Biosciences in the 2nd quarter worth approximately $1,551,000. Renaissance Technologies LLC boosted its stake in shares of Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after buying an additional 282,969 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new stake in shares of Sagimet Biosciences during the second quarter valued at approximately $618,000. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Down 3.7%

Sagimet Biosciences stock opened at $9.58 on Tuesday. The company has a market capitalization of $595.49 million, a PE ratio of -7.48 and a beta of 3.46. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.45. The firm’s fifty day moving average is $9.97 and its 200 day moving average is $8.17.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Sell-side analysts expect that Sagimet Biosciences will post -1.14 EPS for the current fiscal year.

Sagimet Biosciences Company Profile

Sagimet Biosciences, Inc (NASDAQ:SGMT) is a clinical-stage biopharmaceutical company developing therapies that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company is focused on using FASN inhibition to address metabolic, inflammatory and oncological diseases for which additional treatment options are needed.

Sagimet’s lead investigational product is denifanstat, an orally administered, selective FASN inhibitor formerly known as TVB-2640. The company has primarily advanced denifanstat as a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease associated with liver inflammation and fibrosis.