Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $23.00 Consensus Target Price from Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, according to MarketBeat Ratings. Among these analysts, one has provided a hold recommendation, while six others have given a buy recommendation. The average target price for SGMT shares over the next twelve months is set at $23.00.

Recently, several equity analysts have published reports on Sagimet Biosciences. Oppenheimer, for instance, initiated coverage on December 6th, assigning an “outperform” rating alongside a target price of $30.00. Another firm, HC Wainwright, reiterated a “buy” rating and set a more ambitious target price of $32.00 for the stock in a report dated March 11th.

Recent Developments with Hedge Funds

A number of hedge funds have adjusted their stakes in Sagimet Biosciences in recent months. Notably, Millennium Management LLC increased its holdings by 257.1% during the fourth quarter, now owning 693,247 shares valued at approximately $3.12 million after acquiring an additional 499,094 shares. Similarly, 683 Capital Management LLC entered a new position worth about $622,000 in the same quarter. Geode Capital Management LLC also ramped up its investment by 56.7%, now holding 252,298 shares valued at $699,000 after acquiring an additional 91,246 shares. Another firm, Bridgeway Capital Management LLC, increased its stake by 62% in the fourth quarter, now owning 224,100 shares worth $1.01 million. Lastly, OMERS ADMINISTRATION Corp purchased a new position valued at around $263,000. Currently, hedge funds and institutional investors hold approximately 87.86% of Sagimet Biosciences' stock.

Sagimet Biosciences Stock Overview

As of Monday, Sagimet Biosciences' stock opened at $3.99. The company’s 50-day and 200-day simple moving averages are $4.10 and $4.47, respectively. Sagimet has a market capitalization of $122.39 million, a price-to-earnings ratio of -2.79, and a beta of 2.57. The stock has experienced a fifty-two week low of $2.39 and a high of $7.38.

On March 12th, Sagimet Biosciences released its quarterly earnings, reporting an earnings per share of ($0.50), which was better than the predicted ($0.65) by $0.15. Analysts estimate that the company will post an average EPS of -1.6 for the current year.

About Sagimet Biosciences

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company focused on developing therapies known as fatty acid synthase (FASN) inhibitors, targeting diseases arising from metabolic dysfunction. Their lead product candidate, Denifanstat, is a selective FASN inhibitor taken once daily, specifically aimed at treating metabolic dysfunction associated with steatohepatitis.

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