Sagimet Biosciences (NASDAQ:SGMT) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Sagimet Biosciences (NASDAQ:SGMT) from a hold rating to a sell rating in a research report sent to investors on Saturday.

SGMT has been the subject of a number of other reports. Jones Trading raised 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. Wedbush initiated coverage on Sagimet Biosciences in a research report on Monday, August 11th. They issued an “outperform” rating and a $28.00 price objective for the company. HC Wainwright raised Sagimet Biosciences to a “buy” rating and set a $29.00 price objective for the company in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group initiated coverage on Sagimet Biosciences in a research report on Thursday, July 24th. They issued a “buy” rating and a $28.00 price objective for the company. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $25.67.

Sagimet Biosciences Stock Down 5.9%

SGMT opened at $6.36 on Friday. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41. The stock has a market cap of $206.83 million, a price-to-earnings ratio of -3.48 and a beta of 3.35. The business has a 50 day moving average of $8.38 and a 200-day moving average of $5.71.

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

Insider Transactions at Sagimet Biosciences

In other news, General Counsel Elizabeth Rozek sold 10,780 shares of the stock in a transaction that occurred 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 transaction, the general counsel owned 183,726 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, CEO David Happel sold 65,478 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $597,814.14. Following the transaction, the chief executive officer owned 689,722 shares in the company, valued at approximately $6,297,161.86. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,535 shares of company stock worth $771,805. Company insiders own 14.70% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Large investors have recently made changes to their positions in the company. Millennium Management LLC increased its stake in Sagimet Biosciences by 257.1% during the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock worth $3,120,000 after acquiring an additional 499,094 shares during the period. Bridgeway Capital Management LLC increased its stake in Sagimet Biosciences by 231.6% during the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock worth $3,146,000 after acquiring an additional 288,341 shares during the period. Geode Capital Management LLC increased its stake in Sagimet Biosciences by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock worth $2,023,000 after acquiring an additional 1,600 shares during the period. Jump Financial LLC bought a new position in Sagimet Biosciences during the 2nd quarter worth $1,130,000. Finally, OMERS ADMINISTRATION Corp increased its stake in Sagimet Biosciences by 46.3% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company’s stock worth $279,000 after acquiring an additional 27,100 shares during the period. 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.