Sagimet Biosciences (NASDAQ:SGMT) Earns “Neutral” Rating from The Goldman Sachs Group

The Goldman Sachs Group reissued their neutral rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report issued on Friday morning, MarketBeat Ratings reports. The Goldman Sachs Group currently has a $6.00 price objective on the stock, down from their prior price objective of $23.00.

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

Sagimet Biosciences Stock Performance

NASDAQ:SGMT opened at $3.42 on Friday. Sagimet Biosciences has a fifty-two week low of $2.13 and a fifty-two week high of $20.71. The company’s 50-day simple moving average is $4.49 and its 200-day simple moving average is $5.85.

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

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of Sagimet Biosciences during the first quarter worth $113,000. Ikarian Capital LLC purchased a new stake in shares of Sagimet Biosciences during the first quarter worth $2,236,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Sagimet Biosciences during the first quarter worth $91,000. American International Group Inc. grew its holdings in shares of Sagimet Biosciences by 312.0% during the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after buying an additional 8,612 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of Sagimet Biosciences during the first quarter worth $72,000. Hedge funds and other institutional investors 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.