Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have earned a consensus rating of “Moderate Buy” from the five analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $24.00.

A number of research firms have recently issued reports on SGMT. UBS Group started coverage on shares of Sagimet Biosciences in a report on Tuesday. They issued a “buy” rating and a $12.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a research report on Thursday, October 31st. Finally, JMP Securities reduced their price objective on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th.

Sagimet Biosciences Stock Down 1.5 %

SGMT opened at $5.85 on Tuesday. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71. The firm’s fifty day simple moving average is $4.31 and its 200 day simple moving average is $3.97.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.09. On average, research analysts predict that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. American International Group Inc. lifted its holdings in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after purchasing an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in shares of Sagimet Biosciences during the 1st quarter worth about $72,000. ORG Partners LLC bought a new stake in shares of Sagimet Biosciences during the 2nd quarter worth about $43,000. Federated Hermes Inc. grew its stake in Sagimet Biosciences by 25.9% in the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock valued at $233,000 after buying an additional 14,000 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV bought a new position in Sagimet Biosciences in the 2nd quarter valued at about $51,000. Institutional investors own 87.86% of the company’s stock.

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.