Sagimet Biosciences (NASDAQ:SGMT) Rating Lowered to Hold at Zacks Research

Sagimet Biosciences (NASDAQ:SGMT) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday. Wall Street Zen raised Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Wednesday, October 8th. HC Wainwright raised shares of Sagimet Biosciences to a “buy” rating and set a $29.00 price target on the stock in a report on Thursday, August 7th. Finally, Wedbush initiated coverage on shares of Sagimet Biosciences in a research report on Monday, August 11th. They set an “outperform” rating and a $28.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sagimet Biosciences has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock traded up $0.01 during midday trading on Wednesday, hitting $7.75. 354,550 shares of the stock were exchanged, compared to its average volume of 943,790. Sagimet Biosciences has a 1 year low of $1.73 and a 1 year high of $11.41. The firm has a market cap of $252.03 million, a P/E ratio of -4.23 and a beta of 3.26. The company has a 50 day moving average price of $7.47 and a two-hundred day moving average price of $7.05.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.01. As a group, analysts predict that Sagimet Biosciences will post -1.6 EPS for the current year.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently modified their holdings of the business. XTX Topco Ltd bought a new position in Sagimet Biosciences during the first quarter worth $35,000. Persistent Asset Partners Ltd bought a new position in shares of Sagimet Biosciences in the first quarter valued at $35,000. Jasper Ridge Partners L.P. purchased a new stake in shares of Sagimet Biosciences in the first quarter worth approximately $62,000. OMERS ADMINISTRATION Corp raised its holdings in shares of Sagimet Biosciences by 46.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company’s stock valued at $279,000 after purchasing an additional 27,100 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Sagimet Biosciences in the 2nd quarter worth approximately $143,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

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.