Sagimet Biosciences Inc. (NASDAQ:SGMT – Get Free Report) shares passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $9.86 and traded as high as $10.86. Sagimet Biosciences shares last traded at $10.83, with a volume of 1,093,747 shares trading hands.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on SGMT shares. Oppenheimer raised their target price on shares of Sagimet Biosciences from $33.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, October 1st. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a report on Monday, October 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, October 15th. Citigroup reissued a “market outperform” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Sagimet Biosciences in a research report on Thursday, October 1st. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sagimet Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $26.63.
Get Our Latest Analysis on Sagimet Biosciences
Sagimet Biosciences Trading Up 4.8%
The stock has a market cap of $709.25 million, a P/E ratio of -8.91 and a beta of 3.43. The firm has a 50-day simple moving average of $9.89 and a two-hundred day simple moving average of $7.64.
Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). Sell-side analysts predict that Sagimet Biosciences Inc. will post -1.14 earnings per share for the current year.
Institutional Trading of Sagimet Biosciences
A number of institutional investors have recently bought and sold shares of SGMT. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Sagimet Biosciences during the 3rd quarter worth approximately $31,000. Fulcrum Asset Management LLP bought a new position in shares of Sagimet Biosciences during the third quarter worth approximately $37,000. China Universal Asset Management Co. Ltd. raised its position in shares of Sagimet Biosciences by 15.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,238 shares of the company’s stock valued at $105,000 after buying an additional 1,500 shares in the last quarter. T3 Companies LLC acquired a new stake in shares of Sagimet Biosciences in the third quarter valued at approximately $106,000. Finally, Baird Financial Group Inc. raised its position in shares of Sagimet Biosciences by 19.8% in the second quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock valued at $121,000 after buying an additional 2,591 shares in the last quarter. Institutional investors own 87.86% of the company’s stock.
Sagimet Biosciences Company Profile
Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing medicines that target fatty acid synthase (FASN), an enzyme involved in the body’s production of fatty acids. The company is based in San Mateo, California. Its lead drug candidate, denifanstat (also known as TVB-2640), is an oral FASN inhibitor being developed for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The candidate has also been studied for other conditions. Sagimet is also developing TVB-3567, another FASN inhibitor being investigated as a potential treatment for acne.
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