Sagimet Biosciences’ (SGMT) “Neutral” Rating Reiterated at The Goldman Sachs Group

The Goldman Sachs Group reiterated their neutral rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report report published on Friday, Marketbeat.com reports. The brokerage currently has a $6.00 price target on the stock, down from their prior price target of $23.00.

Several other equities analysts also recently issued reports on the company. SVB Leerink assumed coverage on Sagimet Biosciences in a research report on Monday, March 25th. They issued an outperform rating and a $26.00 target price on the stock. HC Wainwright reissued a buy rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a report on Friday, June 14th. Leerink Partnrs reaffirmed an outperform rating on shares of Sagimet Biosciences in a report on Monday, March 25th. Finally, JMP Securities reiterated a market outperform rating and issued a $48.00 price target on shares of Sagimet Biosciences in a report on Friday, June 7th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Sagimet Biosciences has an average rating of Moderate Buy and a consensus price target of $35.80.

Sagimet Biosciences Stock Performance

Shares of SGMT stock opened at $3.16 on Friday. Sagimet Biosciences has a fifty-two week low of $2.13 and a fifty-two week high of $20.71. The stock’s 50-day simple moving average is $4.47 and its 200-day simple moving average is $5.83.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Wednesday, May 15th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.18. Equities analysts anticipate that Sagimet Biosciences will post -1.76 earnings per share for the current fiscal year.

Institutional Trading of Sagimet Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. American International Group Inc. boosted its position in Sagimet Biosciences by 312.0% in the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after purchasing an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in Sagimet Biosciences during the first quarter worth $72,000. Price T Rowe Associates Inc. MD purchased a new stake in Sagimet Biosciences during the first quarter worth $91,000. DekaBank Deutsche Girozentrale acquired a new stake in Sagimet Biosciences during the first quarter valued at $113,000. Finally, Acadian Asset Management LLC purchased a new position in Sagimet Biosciences in the first quarter valued at $188,000. 87.86% of the stock is owned by institutional investors and hedge funds.

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.