Sagimet Biosciences (NASDAQ:SGMT) Stock Price Target Cut by Canaccord Genuity Group

Sagimet Biosciences (NASDAQ:SGMT) had its price target reduced by research analysts at Canaccord Genuity Group from $56.00 to $50.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price objective indicates a potential upside of 357.46% from the stock’s current price.

Several other brokerages also recently weighed in on SGMT. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $8.00 to $18.00 in a report on Wednesday, September 9th. The Goldman Sachs Group assumed coverage on Sagimet Biosciences in a report on Thursday, September 24th. They set a “sell” rating and a $7.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Sagimet Biosciences in a research report on Thursday, October 1st. Oppenheimer upped their target price on Sagimet Biosciences from $33.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, October 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, October 15th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.97.

Sagimet Biosciences Price Performance

NASDAQ:SGMT opened at $10.93 on Friday. The firm has a 50 day simple moving average of $9.89 and a 200-day simple moving average of $7.66. The firm has a market cap of $679.41 million, a PE ratio of -8.54 and a beta of 3.43. Sagimet Biosciences has a 1-year low of $4.50 and a 1-year high of $11.45.

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). As a group, sell-side analysts expect that Sagimet Biosciences will post -1.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

Large investors have recently bought and sold shares of the stock. 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 valued at $105,000 after purchasing an additional 1,500 shares during the last quarter. Baird Financial Group Inc. increased its holdings in shares of 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 buying an additional 2,591 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter worth $31,000. Fulcrum Asset Management LLP acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter worth $37,000. Finally, Profund Advisors LLC raised its position in shares of Sagimet Biosciences by 36.1% in the 3rd quarter. Profund Advisors LLC now owns 19,737 shares of the company’s stock worth $195,000 after buying an additional 5,234 shares during the period. Hedge funds and other institutional investors 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.