Sagimet Biosciences (NASDAQ:SGMT) Given New $27.00 Price Target at Jones Trading

Sagimet Biosciences (NASDAQ:SGMT) had its price objective raised by Jones Trading from $15.00 to $27.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.17.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT opened at $5.56 on Friday. The firm has a market cap of $170.55 million, a price-to-earnings ratio of -3.16 and a beta of 2.32. The business’s 50-day simple moving average is $3.06 and its 200-day simple moving average is $3.98. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.23. As a group, equities research analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in Sagimet Biosciences by 257.1% in the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock valued at $3,120,000 after buying an additional 499,094 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Sagimet Biosciences by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock worth $1,149,000 after acquiring an additional 2,938 shares during the period. Bridgeway Capital Management LLC lifted its position in shares of Sagimet Biosciences by 62.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company’s stock worth $1,008,000 after acquiring an additional 85,800 shares during the period. 683 Capital Management LLC bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth approximately $622,000. Finally, OMERS ADMINISTRATION Corp lifted its position in shares of Sagimet Biosciences by 46.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company’s stock worth $279,000 after acquiring an additional 27,100 shares during the period. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Company Profile

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.