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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned an average recommendation of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $26.83.

Several analysts have recently weighed in on the stock. Jones Trading raised their price objective on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Canaccord Genuity Group began coverage on shares of Sagimet Biosciences in a report on Thursday, July 24th. They issued a “buy” rating and a $28.00 price target for the company.

Sagimet Biosciences Trading Down 4.1%

NASDAQ SGMT opened at $8.89 on Friday. The firm has a market cap of $272.66 million, a price-to-earnings ratio of -5.05 and a beta of 3.35. The company has a 50 day moving average of $7.44 and a 200-day moving average of $4.90. Sagimet Biosciences has a 1-year low of $1.73 and a 1-year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.23. On average, analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Activity at Sagimet Biosciences

In related news, insider Eduardo Bruno Martins sold 8,277 shares of the firm’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $9.13, for a total value of $75,569.01. Following the completion of the sale, the insider owned 106,936 shares of the company’s stock, valued at $976,325.68. This trade represents a 7.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Happel sold 65,478 shares of the firm’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $597,814.14. Following the completion of the sale, the chief executive officer directly owned 689,722 shares of the company’s stock, valued at approximately $6,297,161.86. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,535 shares of company stock valued at $771,805 over the last quarter. Corporate insiders own 14.70% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN bought a new position in Sagimet Biosciences in the fourth quarter valued at approximately $31,000. Persistent Asset Partners Ltd bought a new position in Sagimet Biosciences in the first quarter valued at approximately $35,000. XTX Topco Ltd bought a new position in shares of Sagimet Biosciences during the first quarter worth $35,000. Charles Schwab Investment Management Inc. bought a new position in shares of Sagimet Biosciences during the first quarter worth $49,000. Finally, Summit Financial Wealth Advisors LLC bought a new position in shares of Sagimet Biosciences during the fourth quarter worth $61,000. 87.86% of the stock is 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.