Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Consensus Recommendation of "Buy" from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) have earned an average recommendation of "Buy" from the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $26.60.

A number of research analysts have weighed in on SGMT shares. Jones Trading upped their price objective on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. HC Wainwright reaffirmed a "buy" rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research note on Tuesday, March 11th.

Sagimet Biosciences Price Performance

NASDAQ SGMT traded up $0.04 on Tuesday, hitting $8.15. The stock had a trading volume of 556,044 shares, compared to its average volume of 1,080,085. The business's fifty day moving average price is $5.23 and its 200 day moving average price is $4.35. Sagimet Biosciences has a 52-week low of $1.73 and a 52-week high of $10.43. The stock has a market cap of $249.81 million, a price-to-earnings ratio of -4.63 and a beta of 3.35.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.23. As a group, sell-side analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current year.

Institutional Trading of Sagimet Biosciences

Several large investors have recently bought and sold shares of SGMT. Millennium Management LLC grew its stake in Sagimet Biosciences by 257.1% during the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company's stock valued at $3,120,000 after acquiring an additional 499,094 shares in the last quarter. 683 Capital Management LLC acquired a new position in Sagimet Biosciences in the 4th quarter valued at about $622,000. Bridgeway Capital Management LLC boosted its holdings in Sagimet Biosciences by 62.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company's stock valued at $1,008,000 after purchasing an additional 85,800 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Sagimet Biosciences in the 4th quarter valued at about $263,000. Finally, Jane Street Group LLC acquired a new position in Sagimet Biosciences in the 4th quarter valued at about $249,000. Hedge funds and other 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.