Sagimet Biosciences (NASDAQ:SGMT) Share Price Breaks Above 50-Day Moving Average - What's Next?

Key Points

• Sagimet shares rose 9.9%, reaching $10.86 and closing at $10.83, above their 50-day moving average of $9.86.
• Analyst views are mixed, but the consensus is “Moderate Buy,” with an average price target of $26.63; ratings include nine Buys, one Hold, and two Sells.
• The company reported a quarterly loss of $0.26 per share, slightly worse than analysts’ estimate of a $0.25 loss.

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $9.86 and traded as high as $10.86. Sagimet Biosciences shares last traded at $10.83, with a volume of 1,093,747 shares traded.

Wall Street Analyst Weigh In

Several research firms recently commented on SGMT. Oppenheimer raised their target price on Sagimet Biosciences from $33.00 to $38.00 and gave the stock an "outperform" rating in a report on Thursday, October 1st. The Goldman Sachs Group began coverage on Sagimet Biosciences in a report on Thursday, September 24th. They issued a "sell" rating and a $7.00 price target for the company. Guggenheim upped 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. Wall Street Zen cut shares of Sagimet Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $26.63.

Sagimet Biosciences Stock Up 9.9%

The stock has a market cap of $673.19 million, a price-to-earnings ratio of -8.46 and a beta of 3.43. The company's fifty day moving average is $9.86 and its two-hundred day moving average is $7.59.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.01). Sell-side analysts predict that Sagimet Biosciences Inc. will post -1.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

Several large investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. increased its position in shares of 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 worth $105,000 after purchasing an additional 1,500 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Sagimet Biosciences by 19.8% in the 2nd quarter. Baird Financial Group Inc. now owns 15,677 shares of the company's stock valued at $121,000 after purchasing an additional 2,591 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Sagimet Biosciences in the 3rd quarter valued at about $31,000. Fulcrum Asset Management LLP acquired a new stake in shares of Sagimet Biosciences in the 3rd quarter valued at about $37,000. Finally, Profund Advisors LLC boosted 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 valued at $195,000 after purchasing 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 NASDAQ: SGMT is a clinical-stage biopharmaceutical company developing therapies that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company is focused on using FASN inhibition to address metabolic, inflammatory and oncological diseases for which additional treatment options are needed.

Sagimet's lead investigational product is denifanstat, an orally administered, selective FASN inhibitor formerly known as TVB-2640. The company has primarily advanced denifanstat as a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease associated with liver inflammation and fibrosis.

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