Sagimet Biosciences (NASDAQ:SGMT) Reaches New 1-Year High – Here’s What Happened

Sagimet Biosciences Inc. (NASDAQ:SGMT) shares reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $11.48 and last traded at $11.1490, with a volume of 16,039 shares trading hands. The stock had previously closed at $11.41.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SGMT. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Citizens Jmp reduced their target price on Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating for the company in a research report on Thursday, October 1st. Barclays upgraded shares of Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $8.00 to $18.00 in a research note on Wednesday, September 9th. Guggenheim boosted their price target on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, October 2nd. Finally, Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research note on Thursday, October 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.63.

Sagimet Biosciences Trading Down 2.8%

The company’s fifty day moving average price is $9.89 and its two-hundred day moving average price is $7.64. The firm has a market cap of $689.67 million, a P/E ratio of -8.72 and a beta of 3.43.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Thursday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). On average, analysts predict that Sagimet Biosciences Inc. will post -1.14 EPS for the current fiscal year.

Institutional Trading of Sagimet Biosciences

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Sagimet Biosciences in the third quarter valued at approximately $31,000. Fulcrum Asset Management LLP acquired a new position in shares of Sagimet Biosciences in the 3rd quarter worth approximately $37,000. T3 Companies LLC acquired a new position in shares of Sagimet Biosciences in the 3rd quarter worth approximately $106,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Sagimet Biosciences by 15.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,238 shares of the company’s stock worth $105,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Baird Financial Group Inc. grew its position in Sagimet Biosciences by 19.8% during the 2nd quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock worth $121,000 after acquiring an additional 2,591 shares during the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing medicines that target fatty acid synthase (FASN), an enzyme involved in the body’s production of fatty acids. The company is based in San Mateo, California. Its lead drug candidate, denifanstat (also known as TVB-2640), is an oral FASN inhibitor being developed for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The candidate has also been studied for other conditions. Sagimet is also developing TVB-3567, another FASN inhibitor being investigated as a potential treatment for acne.