Sagimet Biosciences (NASDAQ:SGMT) Upgraded at Zacks Research

Zacks Research upgraded shares of Sagimet Biosciences (NASDAQ:SGMT) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

Several other equities analysts have also recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Wednesday, October 8th. Wedbush started coverage on Sagimet Biosciences in a research report on Monday, August 11th. They set an “outperform” rating and a $28.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and set a $28.00 target price on shares of Sagimet Biosciences in a research report on Thursday, October 2nd. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Finally, HC Wainwright upgraded Sagimet Biosciences to a “buy” rating and set a $29.00 target price for the company in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.67.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT opened at $7.55 on Tuesday. The stock has a market cap of $245.53 million, a PE ratio of -4.13 and a beta of 3.23. Sagimet Biosciences has a fifty-two week low of $1.73 and a fifty-two week high of $11.41. The stock has a fifty day moving average of $7.37 and a 200-day moving average of $6.23.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.20. On average, sell-side analysts predict that Sagimet Biosciences will post -1.6 EPS for the current year.

Insider Transactions at Sagimet Biosciences

In other news, insider Eduardo Bruno Martins sold 8,277 shares of the company’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $75,569.01. Following the completion of the transaction, the insider directly owned 106,936 shares in the company, valued at approximately $976,325.68. This represents a 7.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Happel sold 65,478 shares of the company’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $597,814.14. Following the completion of the transaction, the chief executive officer owned 689,722 shares of the company’s stock, valued at $6,297,161.86. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 84,535 shares of company stock worth $771,805. 14.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its stake in shares of Sagimet Biosciences by 9,168.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 26,785 shares of the company’s stock valued at $204,000 after acquiring an additional 26,496 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Sagimet Biosciences by 231.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock valued at $3,146,000 after acquiring an additional 288,341 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after acquiring an additional 4,473 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Sagimet Biosciences in the 2nd quarter valued at about $1,130,000. Finally, XTX Topco Ltd lifted its stake in shares of Sagimet Biosciences by 137.0% in the 2nd quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock valued at $195,000 after acquiring an additional 14,813 shares during the last quarter. 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.