Sagimet Biosciences (NASDAQ:SGMT) Stock Rating Upgraded by Wall Street Zen

Sagimet Biosciences (NASDAQ:SGMT) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday.

Several other brokerages also recently commented on SGMT. Wedbush began coverage on Sagimet Biosciences in a research note on Monday, August 11th. They set an “outperform” rating and a $28.00 target price on the stock. Zacks Research raised Sagimet Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. HC Wainwright upgraded Sagimet Biosciences to a “buy” rating and set a $29.00 price objective for the company in a report on Thursday, August 7th. Canaccord Genuity Group restated a “buy” rating and set a $28.00 target price on shares of Sagimet Biosciences in a research note on Thursday, October 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.67.

Sagimet Biosciences Price Performance

SGMT opened at $7.83 on Friday. The firm has a market cap of $254.63 million, a PE ratio of -4.28 and a beta of 3.23. The stock has a 50-day moving average price of $7.32 and a 200-day moving average price of $6.36. Sagimet Biosciences has a 1 year low of $1.73 and a 1 year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.20. As a group, sell-side analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current year.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its position in Sagimet Biosciences by 9,168.2% in the second quarter. BNP Paribas Financial Markets now owns 26,785 shares of the company’s stock worth $204,000 after acquiring an additional 26,496 shares during the period. Bridgeway Capital Management LLC raised its holdings in Sagimet Biosciences by 231.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock worth $3,146,000 after purchasing an additional 288,341 shares during the period. Bank of America Corp DE lifted its position in Sagimet Biosciences by 81.8% during the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after purchasing an additional 4,473 shares in the last quarter. Jump Financial LLC purchased a new position in Sagimet Biosciences during the second quarter valued at $1,130,000. Finally, XTX Topco Ltd grew its holdings in Sagimet Biosciences by 137.0% during the second quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock valued at $195,000 after purchasing an additional 14,813 shares during the period. 87.86% of the stock is owned by hedge funds and other institutional investors.

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.