Sagimet Biosciences (NASDAQ:SGMT) Given New $35.00 Price Target at Citizens Jmp

Sagimet Biosciences (NASDAQ:SGMT) had its price objective lifted by research analysts at Citizens Jmp from $33.00 to $35.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s target price indicates a potential upside of 358.36% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. HC Wainwright upgraded Sagimet Biosciences to a “buy” rating and set a $29.00 target price on the stock in a report on Thursday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Wednesday, October 8th. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday. Wall Street Zen upgraded Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $28.00 price target on shares of Sagimet Biosciences in a report on Thursday, October 2nd. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sagimet Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Sagimet Biosciences Stock Down 1.3%

Shares of SGMT traded down $0.10 during trading hours on Friday, hitting $7.64. The company had a trading volume of 73,914 shares, compared to its average volume of 942,483. The firm has a market cap of $248.32 million, a P/E ratio of -4.16 and a beta of 3.26. Sagimet Biosciences has a 52-week low of $1.73 and a 52-week high of $11.41. The stock’s 50 day moving average price is $7.47 and its 200 day moving average price is $7.05.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data 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. On average, research analysts expect that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SGMT. XTX Topco Ltd purchased a new position in shares of Sagimet Biosciences during the 1st quarter valued at about $35,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Sagimet Biosciences during the 1st quarter worth $49,000. Persistent Asset Partners Ltd purchased a new position in Sagimet Biosciences in the first quarter valued at $35,000. American Century Companies Inc. boosted its position in shares of Sagimet Biosciences by 93.2% during the 1st quarter. American Century Companies Inc. now owns 38,831 shares of the company’s stock worth $127,000 after acquiring an additional 18,728 shares in the last quarter. Finally, Jasper Ridge Partners L.P. purchased a new position in Sagimet Biosciences in the first quarter valued at approximately $62,000. 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.