Leerink Partnrs Equities Analysts Boost Earnings Estimates for Sagimet Biosciences Inc. (NASDAQ:SGMT)

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Research analysts at Leerink Partnrs boosted their Q1 2024 earnings per share estimates for shares of Sagimet Biosciences in a research report issued to clients and investors on Tuesday, March 26th. Leerink Partnrs analyst T. Smith now expects that the company will post earnings per share of ($0.37) for the quarter, up from their prior estimate of ($0.44). Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($2.15) per share. Leerink Partnrs also issued estimates for Sagimet Biosciences’ Q2 2024 earnings at ($0.41) EPS, Q3 2024 earnings at ($0.57) EPS, Q4 2024 earnings at ($0.80) EPS, FY2024 earnings at ($2.17) EPS, FY2025 earnings at ($3.72) EPS, FY2026 earnings at ($5.29) EPS, FY2027 earnings at ($7.40) EPS and FY2028 earnings at ($5.91) EPS.

SGMT has been the topic of a number of other research reports. The Goldman Sachs Group reduced their target price on Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a report on Tuesday. SVB Leerink assumed coverage on Sagimet Biosciences in a research report on Monday. They set an “outperform” rating and a $26.00 price objective for the company. Finally, JMP Securities cut their target price on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating for the company in a research report on Wednesday, February 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $41.50.

Sagimet Biosciences Stock Down 5.4 %

NASDAQ SGMT opened at $5.42 on Friday. The business has a 50 day moving average price of $7.49 and a 200 day moving average price of $6.44. Sagimet Biosciences has a 1-year low of $2.13 and a 1-year high of $20.71.

Institutional Trading of Sagimet Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Platinum Investment Management Ltd. acquired a new stake in shares of Sagimet Biosciences during the third quarter worth $3,378,000. Silverarc Capital Management LLC bought a new position in shares of Sagimet Biosciences during the third quarter valued at about $880,000. RTW Investments LP bought a new stake in Sagimet Biosciences in the third quarter worth about $3,522,000. Federated Hermes Inc. purchased a new position in shares of Sagimet Biosciences in the third quarter worth about $686,000. Finally, Rock Springs Capital Management LP purchased a new position in shares of Sagimet Biosciences in the third quarter worth about $6,498,000. Institutional investors own 87.86% of the company’s stock.

Insider Buying and Selling

In other news, CEO David Happel bought 12,100 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were bought at an average cost of $5.27 per share, with a total value of $63,767.00. Following the acquisition, the chief executive officer now owns 639,200 shares in the company, valued at $3,368,584. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 lipid metabolism pathways. Its lead drug candidate is Denifanstat, a FASN inhibitor for the treatment of nonalcoholic steatohepatitis and acne.