Sagimet Biosciences (NASDAQ:SGMT) Stock Rating Reaffirmed by HC Wainwright

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They presently have a $32.00 price target on the stock.

A number of other analysts have also commented on SGMT. JMP Securities decreased their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. The Goldman Sachs Group restated a “neutral” rating and issued a $6.00 target price (down previously from $23.00) on shares of Sagimet Biosciences in a report on Friday, June 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Sagimet Biosciences Price Performance

SGMT stock opened at $3.12 on Wednesday. The company’s 50-day moving average is $3.05 and its 200-day moving average is $3.90. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. As a group, equities analysts predict that Sagimet Biosciences will post -1.56 EPS for the current fiscal year.

Insider Transactions at Sagimet Biosciences

In related news, Chairman George Kemble sold 23,625 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total transaction of $74,891.25. Following the transaction, the chairman now directly owns 118,693 shares of the company’s stock, valued at $376,256.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman George Kemble sold 23,625 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total value of $74,891.25. Following the sale, the chairman now owns 118,693 shares of the company’s stock, valued at approximately $376,256.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eduardo Bruno Martins sold 8,357 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $25,906.70. Following the completion of the sale, the insider now owns 81,213 shares in the company, valued at $251,760.30. The disclosure for this sale can be found here. Insiders sold a total of 56,958 shares of company stock worth $178,224 in the last quarter. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Sagimet Biosciences by 364.9% during the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after buying an additional 894,319 shares in the last quarter. Ikarian Capital LLC bought a new position in shares of Sagimet Biosciences in the first quarter worth approximately $2,236,000. Squarepoint Ops LLC bought a new position in shares of Sagimet Biosciences during the second quarter valued at about $324,000. Victory Capital Management Inc. lifted its holdings in Sagimet Biosciences by 49.1% in the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock worth $265,000 after buying an additional 25,480 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Sagimet Biosciences by 96.0% during the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock valued at $232,000 after buying an additional 33,522 shares during the period. Hedge funds and other 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.