Wedbush Begins Coverage on Sagimet Biosciences (NASDAQ:SGMT)

Wedbush started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note released on Monday morning, MarketBeat reports. The brokerage issued an outperform rating and a $28.00 price objective on the stock.

Other research analysts have also recently issued research reports about the stock. HC Wainwright began coverage on shares of Sagimet Biosciences in a report on Thursday, August 7th. They issued a “buy” rating and a $29.00 price target for the company. Jones Trading raised their target price 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. Finally, Canaccord Genuity Group initiated coverage on shares of Sagimet Biosciences in a report on Thursday, July 24th. They set a “buy” rating and a $28.00 target price for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Sagimet Biosciences has a consensus rating of “Buy” and an average price target of $26.57.

Sagimet Biosciences Trading Up 0.3%

NASDAQ SGMT opened at $9.58 on Monday. The company has a fifty day simple moving average of $8.52 and a two-hundred day simple moving average of $5.22. The stock has a market cap of $293.82 million, a P/E ratio of -5.44 and a beta of 3.37. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.20. As a group, sell-side analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Elizabeth Rozek sold 10,780 shares of the firm’s stock in a transaction on Monday, July 21st. The shares were 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 owned 183,726 shares of the company’s stock, valued at $1,677,418.38. This trade represents a 5.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eduardo Bruno Martins sold 8,277 shares of the firm’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $75,569.01. Following the transaction, the insider directly owned 106,936 shares of the company’s stock, valued at approximately $976,325.68. This trade represents a 7.18% 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 90 days. Insiders own 14.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd purchased a new position in Sagimet Biosciences in the second quarter valued at $41,000. Wells Fargo & Company MN purchased a new position in Sagimet Biosciences in the fourth quarter valued at $31,000. Persistent Asset Partners Ltd purchased a new position in Sagimet Biosciences in the first quarter valued at $35,000. XTX Topco Ltd purchased a new position in Sagimet Biosciences in the first quarter valued at $35,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Sagimet Biosciences in the first quarter valued at $49,000. 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.