Sagimet Biosciences (NASDAQ:SGMT) Share Price Breaks Above 50-Day Moving Average – What’s Next?

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $9.86 and traded as high as $10.86. Sagimet Biosciences shares last traded at $10.83, with a volume of 1,093,747 shares trading hands.

Wall Street Analyst Weigh In

SGMT has been the topic of a number of research reports. Guggenheim raised their target price on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. Citizens Jmp cut their target price on shares of Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating on the stock in a report on Thursday, October 1st. Oppenheimer upped their price target on shares of Sagimet Biosciences from $33.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, October 1st. Wall Street Zen cut shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, The Goldman Sachs Group assumed coverage on shares of Sagimet Biosciences in a research report on Thursday, September 24th. They set a “sell” rating and a $7.00 price objective on the stock. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Sagimet Biosciences currently has an average rating of “Moderate Buy” and an average price target of $26.63.

Sagimet Biosciences Stock Performance

The stock has a market cap of $673.19 million, a price-to-earnings ratio of -8.46 and a beta of 3.43. The company has a 50-day moving average of $9.86 and a 200-day moving average of $7.59.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, equities research analysts forecast that Sagimet Biosciences Inc. will post -1.14 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. raised its position in Sagimet Biosciences by 15.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,238 shares of the company’s stock worth $105,000 after acquiring an additional 1,500 shares in the last quarter. Baird Financial Group Inc. grew its position in Sagimet Biosciences by 19.8% during the second quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock worth $121,000 after buying an additional 2,591 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Sagimet Biosciences during the third quarter worth about $31,000. Fulcrum Asset Management LLP acquired a new position in Sagimet Biosciences during the third quarter worth about $37,000. Finally, Profund Advisors LLC increased its holdings in Sagimet Biosciences by 36.1% in the third quarter. Profund Advisors LLC now owns 19,737 shares of the company’s stock valued at $195,000 after buying an additional 5,234 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Company Profile

Sagimet Biosciences, Inc (NASDAQ:SGMT) is a clinical-stage biopharmaceutical company developing therapies that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company is focused on using FASN inhibition to address metabolic, inflammatory and oncological diseases for which additional treatment options are needed.

Sagimet’s lead investigational product is denifanstat, an orally administered, selective FASN inhibitor formerly known as TVB-2640. The company has primarily advanced denifanstat as a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease associated with liver inflammation and fibrosis.