Sagimet Biosciences (NASDAQ:SGMT) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Sagimet Biosciences (NASDAQ:SGMT) from a hold rating to a sell rating in a research note released on Saturday.

A number of other equities research analysts also recently weighed in on the company. Citigroup reissued an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, November 14th. Wedbush assumed 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 for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $28.00 price objective on shares of Sagimet Biosciences in a report on Thursday, October 2nd. Zacks Research cut shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.50.

Sagimet Biosciences Stock Down 8.3%

Shares of SGMT stock opened at $6.67 on Friday. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41. The company has a market capitalization of $216.91 million, a PE ratio of -3.75 and a beta of 3.26. The firm has a 50 day moving average price of $7.54 and a two-hundred day moving average price of $7.24.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Thursday, November 13th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.01. As a group, research analysts expect that Sagimet Biosciences will post -1.6 EPS for the current year.

Insider Buying and Selling at Sagimet Biosciences

In other news, Chairman George Kemble sold 37,688 shares of Sagimet Biosciences stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $7.69, for a total value of $289,820.72. Following the transaction, the chairman owned 81,005 shares in the company, valued at approximately $622,928.45. This trade represents a 31.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 14.70% of the company’s stock.

Institutional Trading of Sagimet Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Sagimet Biosciences by 4.3% in the third quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock valued at $8,254,000 after acquiring an additional 49,375 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Sagimet Biosciences by 6,484.7% in the third quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after acquiring an additional 788,537 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of Sagimet Biosciences by 462.4% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock valued at $3,593,000 after purchasing an additional 430,644 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Sagimet Biosciences by 231.6% during the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock valued at $3,146,000 after purchasing an additional 288,341 shares during the last quarter. Finally, Readystate Asset Management LP increased its position in Sagimet Biosciences by 20.9% during the 3rd quarter. Readystate Asset Management LP now owns 325,359 shares of the company’s stock worth $2,232,000 after purchasing an additional 56,166 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors.

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.