Sagimet Biosciences (NASDAQ:SGMT) Upgraded at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Sagimet Biosciences (NASDAQ:SGMT – Free Report) from a sell rating to a hold rating in a report released on Friday.

Several other research firms have also recently weighed in on SGMT. Jones Trading increased their price objective on Sagimet Biosciences from $15.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, June 6th. HC Wainwright raised Sagimet Biosciences to a “buy” rating and set a $29.00 target price for the company in a research report on Thursday, August 7th. Canaccord Genuity Group began coverage on Sagimet Biosciences in a research report on Thursday, July 24th. They issued a “buy” rating and a $28.00 target price for the company. Finally, Wedbush began coverage on Sagimet Biosciences in a research report on Monday, August 11th. They issued an “outperform” rating and a $28.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $25.67.

Get Our Latest Stock Analysis on Sagimet Biosciences

Sagimet Biosciences Trading Down 1.9%

SGMT opened at $7.11 on Friday. Sagimet Biosciences has a 1-year low of $1.73 and a 1-year high of $11.41. The stock has a market capitalization of $231.22 million, a price-to-earnings ratio of -3.89 and a beta of 3.35. The business has a 50 day moving average of $8.53 and a 200-day moving average of $5.58.

Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last posted 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. Equities analysts predict that Sagimet Biosciences will post -1.6 EPS for the current year.

Insiders Place Their Bets

In other Sagimet Biosciences news, General Counsel Elizabeth Rozek sold 10,780 shares of the stock in a transaction on 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 in the company, valued at $1,677,418.38. This represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Eduardo Bruno Martins sold 8,277 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $75,569.01. Following the transaction, the insider owned 106,936 shares of the company’s stock, valued at $976,325.68. This represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,535 shares of company stock worth $771,805 over the last three months. 14.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN acquired a new stake in shares of Sagimet Biosciences in the fourth quarter valued at $31,000. XTX Topco Ltd acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at $35,000. Persistent Asset Partners Ltd acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at $35,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Sagimet Biosciences in the second quarter valued at $41,000. Finally, Charles Schwab Investment Management Inc. acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at $49,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

About Sagimet Biosciences

(Get Free Report)

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.

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