Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) Price Target at $24.00

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the six research firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $21.60.

Several brokerages recently weighed in on SGMT. UBS Group began coverage on Sagimet Biosciences in a report on Tuesday. They set a "buy" rating and a $12.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and issued a $32.00 target price on shares of Sagimet Biosciences in a report on Thursday, October 31st. Finally, JMP Securities dropped their target price on Sagimet Biosciences from $48.00 to $32.00 and set a "market outperform" rating for the company in a research report on Thursday, August 15th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SGMT. ORG Wealth Partners LLC bought a new stake in Sagimet Biosciences in the third quarter worth $119,000. Squarepoint Ops LLC purchased a new position in Sagimet Biosciences during the 2nd quarter worth $324,000. Federated Hermes Inc. boosted its position in shares of Sagimet Biosciences by 25.9% in the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company's stock worth $233,000 after purchasing an additional 14,000 shares in the last quarter. Ground Swell Capital LLC acquired a new position in shares of Sagimet Biosciences in the 2nd quarter valued at about $78,000. Finally, Acadian Asset Management LLC increased its stake in Sagimet Biosciences by 96.0% during the 2nd quarter. Acadian Asset Management LLC now owns 68,451 shares of the company's stock worth $232,000 after buying an additional 33,522 shares in the last quarter. Institutional investors and hedge funds own 87.86% of the company's stock.

Sagimet Biosciences Stock Up 1.5 %

Shares of NASDAQ SGMT traded up $0.09 during midday trading on Tuesday, reaching $5.94. 752,647 shares of the company traded hands, compared to its average volume of 1,116,257. The stock's 50-day simple moving average is $4.31 and its 200-day simple moving average is $3.97. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.09. As a group, equities research analysts expect that Sagimet Biosciences will post -1.56 earnings per share for the current fiscal year.

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.