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

Key Points

• Analysts rate Sagimet Biosciences “Moderate Buy”, with nine buy ratings, one hold and two sells. The consensus 12-month price target is $26.63, substantially above the stock’s reported $8.86 price.
• Recent analyst actions were mixed but included bullish updates: Oppenheimer raised its target to $38 and Guggenheim increased its target to $26, while Wall Street Zen and Weiss Ratings maintained or issued sell views.
• Sagimet reported a quarterly loss of $0.26 per share, slightly worse than the $0.25 consensus estimate. The company is developing denifanstat, an investigational FASN inhibitor, primarily for MASH, while institutional investors own 87.86% of its shares.

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twelve research firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $26.63.

SGMT has been the topic of a number of recent research reports. Oppenheimer lifted their target price on Sagimet Biosciences from $33.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, October 1st. Cantor Fitzgerald restated an "overweight" rating on shares of Sagimet Biosciences in a research note on Thursday, October 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a report on Thursday. Wall Street Zen cut Sagimet Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Guggenheim raised their price objective on Sagimet Biosciences from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, October 2nd.

Sagimet Biosciences Price Performance

NASDAQ:SGMT opened at $8.86 on Tuesday. Sagimet Biosciences has a one year low of $4.50 and a one year high of $11.45. The company has a fifty day moving average price of $9.96 and a 200 day moving average price of $8.06. The stock has a market cap of $550.74 million, a P/E ratio of -6.92 and a beta of 3.46.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, equities research analysts anticipate that Sagimet Biosciences will post -1.14 EPS for the current year.

Insider Activity

In other news, Director George Kemble sold 20,206 shares of the business'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 transaction of $201,049.70. Following the sale, the director directly owned 62,161 shares in the company, valued at approximately $618,501.95. The trade was a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 11.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SGMT. Dimensional Fund Advisors LP raised its stake in shares of 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 in the last quarter. Seven Fleet Capital Management LP bought a new position in shares of Sagimet Biosciences during the 2nd quarter worth about $3,119,000. Bank of New York Mellon Corp bought a new position in shares of Sagimet Biosciences during the 2nd quarter worth about $1,551,000. Renaissance Technologies LLC lifted its holdings in shares of Sagimet Biosciences by 82.6% during the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company's stock worth $3,268,000 after acquiring an additional 282,969 shares during the period. Finally, AWM Investment Company Inc. acquired a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at about $618,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

About Sagimet Biosciences

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company's research is aimed at treating diseases associated with abnormal lipid metabolism and excess fat production.

Sagimet's lead investigational product is denifanstat, an oral, selective FASN inhibitor formerly known as TVB-2640. The company is evaluating denifanstat primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can involve inflammation, fat accumulation and fibrosis.

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