Citizens Jmp Cuts Sagimet Biosciences (NASDAQ:SGMT) Price Target to $27.00

Sagimet Biosciences (NASDAQ:SGMT) had its target price reduced by Citizens Jmp from $29.00 to $27.00 in a report issued on Thursday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

A number of other research analysts have also weighed in on the stock. Barclays raised shares of Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $8.00 to $18.00 in a research note on Wednesday, September 9th. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Canaccord Genuity Group increased their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of Sagimet Biosciences in a research report on Monday, September 28th. Finally, Cantor Fitzgerald started coverage on Sagimet Biosciences in a research note on Wednesday, September 9th. They issued an “overweight” rating and a $10.71 price target on the stock. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Sagimet Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $26.63.

Sagimet Biosciences Stock Performance

NASDAQ:SGMT opened at $9.14 on Thursday. The company has a fifty day moving average of $9.82 and a two-hundred day moving average of $7.76. The stock has a market capitalization of $568.14 million, a PE ratio of -7.14 and a beta of 3.46. Sagimet Biosciences has a fifty-two week low of $4.50 and a fifty-two week high of $11.45.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Research analysts forecast that Sagimet Biosciences will post -1.17 earnings per share for the current year.

Insider Activity at Sagimet Biosciences

In other Sagimet Biosciences news, insider Elizabeth Rozek sold 10,545 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the transaction, the insider directly owned 224,414 shares of the company’s stock, valued at $1,741,452.64. This trade represents a 4.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director George Kemble sold 20,206 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the transaction, the director owned 62,161 shares in the company, valued at approximately $618,501.95. This represents a 24.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 113,646 shares of company stock valued at $920,491. Corporate insiders own 11.50% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

A number of large investors have recently made changes to their positions in SGMT. Dimensional Fund Advisors LP boosted its stake in Sagimet Biosciences by 99.4% during the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock worth $1,415,000 after buying an additional 135,178 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in Sagimet Biosciences in the 2nd quarter valued at $3,119,000. Bank of New York Mellon Corp acquired a new stake in shares of Sagimet Biosciences in the 2nd quarter worth $1,551,000. Renaissance Technologies LLC increased its stake in shares of Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after acquiring an additional 282,969 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new position in shares of Sagimet Biosciences during the 2nd quarter worth $618,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Sagimet Biosciences

Here are the key news stories impacting Sagimet Biosciences this week:

• Positive Sentiment: Sagimet completed an underwritten offering that raised approximately $115 million, providing funding for its clinical-development programs. The company sold 8,750,010 Series A common shares at $10.00 each, while certain investors received pre-funded warrants for an additional 2,750,010 shares. Sagimet offering announcement
• Positive Sentiment: Analysts remain bullish on Sagimet’s prospects following positive 52-week Phase 3 data for denifanstat in moderate-to-severe acne and the company’s plans for a U.S. Phase 3 program. Oppenheimer raised its price target to $38 from $33 and maintained an “outperform” rating. Sagimet Phase 3 discussion Oppenheimer price target
• Neutral Sentiment: Citizens lowered its price target to $27 from $29 but retained a “market outperform” rating. The reduction was attributed to dilution from the concurrent financing rather than a change in the company’s clinical outlook. Citizens price target
• Negative Sentiment: The financing substantially increases Sagimet’s share count and creates potential future dilution from the pre-funded warrants. Investors also appeared to take profits after the initial rally tied to the acne data, making the offering a near-term pressure on SGMT despite the company’s improved cash resources. Sagimet financing closing

Sagimet Biosciences Company Profile

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company’s research is aimed at treating diseases associated with abnormal lipid metabolism and excess fat production.

Sagimet’s lead investigational product is denifanstat, an oral, selective FASN inhibitor formerly known as TVB-2640. The company is evaluating denifanstat primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can involve inflammation, fat accumulation and fibrosis.