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

Key Points

• Sagimet Biosciences hit a 52-week high of $11.48, though it was last trading at $11.15.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $26.63; Barclays upgraded the stock and raised its target to $18.
• The company reported a quarterly loss of $0.31 per share, missing analysts’ estimate of a $0.26 loss.

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report)'s share price reached a new 52-week high on Thursday. The company traded as high as $11.48 and last traded at $11.1490, with a volume of 16,039 shares changing hands. The stock had previously closed at $11.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup reaffirmed a "market outperform" rating on shares of Sagimet Biosciences in a research note on Thursday, October 1st. Barclays raised Sagimet Biosciences from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $8.00 to $18.00 in a research report on Wednesday, September 9th. HC Wainwright reissued a "buy" rating and set a $29.00 target price on shares of Sagimet Biosciences in a research report on Monday, October 5th. Canaccord Genuity Group upped their price target 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. Finally, Wall Street Zen cut shares of Sagimet Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $26.63.

Sagimet Biosciences Stock Down 2.8%

The company has a market capitalization of $689.67 million, a P/E ratio of -8.72 and a beta of 3.43. The firm has a 50-day moving average price of $9.89 and a two-hundred day moving average price of $7.64.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) 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

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ACT Capital Partners L.P. acquired a new position in shares of Sagimet Biosciences during the third quarter valued at about $593,000. Fulcrum Asset Management LLP acquired a new stake in Sagimet Biosciences during the third quarter worth about $37,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Sagimet Biosciences during the third quarter worth about $31,000. Profund Advisors LLC increased its stake in Sagimet Biosciences by 36.1% during the third quarter. Profund Advisors LLC now owns 19,737 shares of the company's stock valued at $195,000 after acquiring an additional 5,234 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in Sagimet Biosciences by 15.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,238 shares of the company's stock valued at $105,000 after acquiring an additional 1,500 shares during the period. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Company Profile

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.

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