Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Average Recommendation of “Buy” by Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned a consensus recommendation of “Buy” from the six brokerages that are presently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $25.6667.

A number of research analysts recently commented on the company. Jones Trading upped their price objective on Sagimet Biosciences from $15.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Canaccord Genuity Group began coverage on Sagimet Biosciences in a research note on Thursday, July 24th. They issued a “buy” rating and a $28.00 price target on the stock. Wedbush initiated coverage on shares of Sagimet Biosciences in a research note on Monday, August 11th. They issued an “outperform” rating and a $28.00 price objective on the stock. Finally, HC Wainwright raised shares of Sagimet Biosciences to a “buy” rating and set a $29.00 price objective for the company in a research note on Thursday, August 7th.

Insider Activity

In other news, insider Eduardo Bruno Martins sold 8,277 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $75,569.01. Following the sale, the insider owned 106,936 shares of the company’s stock, valued at approximately $976,325.68. This trade represents a 7.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Elizabeth Rozek sold 10,780 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $98,421.40. Following the completion of the transaction, the general counsel directly owned 183,726 shares of the company’s stock, valued at $1,677,418.38. This trade represents a 5.54% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,535 shares of company stock valued at $771,805. 14.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SGMT. Geode Capital Management LLC lifted its holdings in Sagimet Biosciences by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock worth $1,149,000 after buying an additional 2,938 shares in the last quarter. Jane Street Group LLC acquired a new stake in Sagimet Biosciences in the 4th quarter valued at approximately $249,000. Wells Fargo & Company MN acquired a new position in shares of Sagimet Biosciences during the 4th quarter worth about $31,000. Dimensional Fund Advisors LP bought a new position in shares of Sagimet Biosciences in the 4th quarter valued at about $114,000. Finally, Squarepoint Ops LLC increased its position in shares of Sagimet Biosciences by 72.4% in the fourth quarter. Squarepoint Ops LLC now owns 50,484 shares of the company’s stock valued at $227,000 after acquiring an additional 21,195 shares during the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Trading Down 8.5%

SGMT stock opened at $6.91 on Wednesday. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $11.41. The firm has a 50 day simple moving average of $8.70 and a 200-day simple moving average of $5.32. The company has a market capitalization of $211.93 million, a P/E ratio of -3.78 and a beta of 3.37.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.20. On average, research analysts predict that Sagimet Biosciences will post -1.6 EPS for the current year.

Sagimet Biosciences Company Profile

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.