Sagimet Biosciences (NASDAQ:SGMT) Price Target Raised to $27.00 at Jones Trading

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) had its price objective lifted by equities research analysts at Jones Trading from $15.00 to $27.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Jones Trading's price objective suggests a potential upside of 389.57% from the stock's current price.

Separately, HC Wainwright reaffirmed a "buy" rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.17.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT traded up $0.74 during midday trading on Friday, reaching $5.52. The company's stock had a trading volume of 2,678,178 shares, compared to its average volume of 962,615. Sagimet Biosciences has a fifty-two week low of $1.73 and a fifty-two week high of $7.38. The business's 50 day moving average price is $3.00 and its two-hundred day moving average price is $3.97. The company has a market cap of $169.17 million, a P/E ratio of -3.14 and a beta of 2.32.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.23. Sell-side analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC lifted its holdings in shares of Sagimet Biosciences by 257.1% in the fourth quarter. Millennium Management LLC now owns 693,247 shares of the company's stock worth $3,120,000 after acquiring an additional 499,094 shares during the last quarter. Geode Capital Management LLC increased its position in Sagimet Biosciences by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company's stock worth $1,149,000 after purchasing an additional 2,938 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake 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. 683 Capital Management LLC bought a new position in Sagimet Biosciences in the 4th quarter valued at approximately $622,000. Finally, OMERS ADMINISTRATION Corp boosted its position in Sagimet Biosciences by 46.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company's stock valued at $279,000 after buying an additional 27,100 shares in the last quarter. 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.

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