Sagimet Biosciences (SGMT) ‘Neutral’ rating confirmed by Goldman Sachs Group

The Goldman Sachs Group maintained its neutral recommendation for the company’s shares Sagimet Biosciences (NASDAQ:SGMT – Free Report) in a report published Friday morning, Marketbeat reports. Goldman Sachs Group currently has a price target of $6.00 for the stock, down from the previous price target of $23.00.

Several other research firms have also recently commented on SGMT. On Monday, March 25, Leerink Partners maintained its “outperform” rating on Sagimet Biosciences shares. HC Wainwright maintained a Buy rating and set a $32.00 price target on shares of Sagimet Biosciences on Friday, June 14. On Monday, March 25, SVB Leerink started reporting on Sagimet Biosciences shares. They set an outperform rating and a $26.00 price target for the company. Finally, JMP Securities maintained an outperform rating on the stock and set a $48.00 price target on shares of Sagimet Biosciences in a report on Friday, June 7th. One analyst rated the company’s shares with a hold recommendation, and six of them issued a buy recommendation. Based on data from MarketBeat.com, Sagimet Biosciences has a consensus rating of Buy on average and an average price target of $35.80.

See our latest research report on SGMT

Sagimet Biosciences shares fall 16.8%

NASDAQ SGMT shares opened at $3.42 on Friday. Sagimet Biosciences has a 52-week low of $2.13 and a 52-week high of $20.71. The company has a 50-day moving average price of $4.49 and a 200-day moving average price of $5.84.

Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last released its earnings results on Wednesday, May 15. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.18. Analysts are predicting that Sagimet Biosciences will post -1.76 EPS for the current fiscal year.

Institutional investors rate Sagimet Biosciences

Several hedge funds and other institutional investors have recently modified their holdings in the company. FMR LLC bought a new stake in Sagimet Biosciences during the 3rd quarter valued at approximately $23,517,000. Federated Hermes Inc. purchased a new stake in Sagimet Biosciences in the third quarter worth approximately $686,000. Rock Springs Capital Management LP purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at approximately $6,498,000. RTW Investments LP purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at approximately $3,522,000. Finally, Victory Capital Management Inc. increased its holdings in Sagimet Biosciences by 215.0% in the fourth quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock valued at $307,000 after purchasing an additional 38,610 shares during the period. 87.86% of the shares are currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Company Profile

(Download the free report)

Sagimet Biosciences Inc., a clinical-stage biopharmaceutical company, is developing drugs called fatty acid synthase (FASN) inhibitors for the treatment of diseases resulting from dysfunctional metabolic pathways in the U.S. The company’s lead drug candidate is Denifanstat, a once-daily tablet and selective FASN inhibitor for the treatment of steatohepatitis associated with metabolic dysfunction.

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