Sagimet Biosciences (NASDAQ:SGMT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Sagimet Biosciences (NASDAQ:SGMT) from a sell rating to a hold rating in a research report report published on Sunday.

Several other analysts have also issued reports on the company. Jones Trading increased their target price on 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 assumed coverage on Sagimet Biosciences in a report on Thursday, July 24th. They set a “buy” rating and a $28.00 target price on the stock. HC Wainwright raised Sagimet Biosciences to a “buy” rating and set a $29.00 target price on the stock in a report on Thursday, August 7th. Finally, Wedbush assumed coverage on Sagimet Biosciences in a report on Monday, August 11th. They set an “outperform” rating and a $28.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Sagimet Biosciences currently has an average rating of “Buy” and an average price target of $25.67.

Sagimet Biosciences Trading Down 1.2%

SGMT stock opened at $6.73 on Friday. The firm has a market capitalization of $218.86 million, a PE ratio of -3.68 and a beta of 3.34. Sagimet Biosciences has a 1-year low of $1.73 and a 1-year high of $11.41. The business’s 50 day simple moving average is $8.02 and its 200 day simple moving average is $5.82.

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

Insider Transactions at Sagimet Biosciences

In other news, CEO David Happel sold 65,478 shares of the firm’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $597,814.14. Following the completion of the transaction, the chief executive officer directly owned 689,722 shares in the company, valued at $6,297,161.86. This trade represents a 8.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Elizabeth Rozek sold 10,780 shares of the firm’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $98,421.40. Following 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 disclosure for this sale can be found here. Insiders sold 84,535 shares of company stock worth $771,805 over the last ninety days. 14.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Large investors have recently added to or reduced their stakes in the business. ANTIPODES PARTNERS Ltd acquired a new stake in Sagimet Biosciences during the second quarter worth approximately $41,000. Bank of America Corp DE grew its stake in Sagimet Biosciences by 81.8% during the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock worth $76,000 after purchasing an additional 4,473 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Sagimet Biosciences during the first quarter worth approximately $35,000. XTX Topco Ltd acquired a new stake in Sagimet Biosciences during the first quarter worth approximately $35,000. Finally, Charles Schwab Investment Management Inc. acquired a new stake in Sagimet Biosciences during the first quarter worth approximately $49,000. Institutional investors and hedge funds 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.