Sagimet Biosciences' (SGMT) "Buy" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright reiterated its “Buy” rating on Sagimet Biosciences and set a $29 price target, implying 217.29% upside from the stock’s $9.14 price. The analyst consensus is “Moderate Buy,” with an average target of $26.63.
• SGMT shares have traded between $4.50 and $11.45 over the past year, while the company reported a quarterly loss of $0.26 per share, slightly worse than the $0.25 consensus estimate.
• Insiders sold 113,646 shares worth about $920,491 over the past 90 days, while institutional investors own a substantial 87.86% of the company.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at HC Wainwright in a research note issued on Monday, Benzinga reports. They presently have a $29.00 price objective on the stock. HC Wainwright's target price suggests a potential upside of 217.29% from the company's current price.

A number of other equities research analysts have also weighed in on the company. Barclays upgraded Sagimet Biosciences from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $8.00 to $18.00 in a research note on Wednesday, September 9th. Cantor Fitzgerald restated an "overweight" rating on shares of Sagimet Biosciences in a research note on Thursday. Canaccord Genuity Group raised their price objective on Sagimet Biosciences from $49.00 to $56.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Wall Street Zen lowered Sagimet Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Sagimet Biosciences in a report on Thursday. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Sagimet Biosciences has a consensus rating of "Moderate Buy" and an average price target of $26.63.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT opened at $9.14 on Monday. Sagimet Biosciences has a fifty-two week low of $4.50 and a fifty-two week high of $11.45. The business has a 50 day moving average price of $9.82 and a two-hundred day moving average price of $7.77. The firm has a market cap of $568.14 million, a PE ratio of -7.14 and a beta of 3.46.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.01). On average, analysts anticipate that Sagimet Biosciences will post -1.17 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Elizabeth Rozek sold 10,545 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $81,829.20. Following the sale, the insider owned 224,414 shares of the company's stock, valued at approximately $1,741,452.64. This trade represents a 4.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director George Kemble sold 20,206 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the sale, the director directly owned 62,161 shares in the company, valued at approximately $618,501.95. This trade represents a 24.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 113,646 shares of company stock valued at $920,491. Insiders own 11.50% of the company's stock.

Institutional Trading of Sagimet Biosciences

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in shares of Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company's stock worth $3,268,000 after purchasing an additional 282,969 shares during the last quarter. Seven Fleet Capital Management LP bought a new stake in shares of Sagimet Biosciences in the 2nd quarter worth approximately $3,119,000. Bank of New York Mellon Corp bought a new stake in shares of Sagimet Biosciences in the 2nd quarter worth approximately $1,551,000. Dimensional Fund Advisors LP lifted its holdings in shares of Sagimet Biosciences by 99.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company's stock worth $1,415,000 after purchasing an additional 135,178 shares during the last quarter. Finally, AWM Investment Company Inc. bought a new stake in shares of Sagimet Biosciences in the 2nd quarter worth approximately $618,000. Institutional investors own 87.86% of the company's stock.

About Sagimet Biosciences

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company's research is aimed at treating diseases associated with abnormal lipid metabolism and excess fat production.

Sagimet's lead investigational product is denifanstat, an oral, selective FASN inhibitor formerly known as TVB-2640. The company is evaluating denifanstat primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can involve inflammation, fat accumulation and fibrosis.