Canaccord Genuity Group Reiterates Buy Rating for Sagimet Biosciences (NASDAQ:SGMT)

Key Points

• Canaccord Genuity Group has reiterated a "buy" rating for Sagimet Biosciences (NASDAQ: SGMT) with a target price of $28.00, suggesting a potential upside of 301.15% from the current stock price.
• Sagimet's stock recently opened at $6.98, and it reported earnings of ($0.32) per share, surpassing analysts' estimates of ($0.52) for the quarter.
• Insider trading activity showed significant sales, with the General Counsel and CEO each selling shares at an average price of $9.13, reducing their ownership stakes by 5.54% and 8.67%, respectively.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report)'s stock had its "buy" rating restated by research analysts at Canaccord Genuity Group in a report issued on Thursday,Benzinga reports. They currently have a $28.00 target price on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 301.15% from the stock's current price.

SGMT has been the subject of a number of other reports. Wedbush initiated coverage on Sagimet Biosciences in a research report on Monday, August 11th. They issued an "outperform" rating and a $28.00 target price for the company. HC Wainwright raised Sagimet Biosciences to a "buy" rating and set a $29.00 target price for the company in a research report on Thursday, August 7th. Wall Street Zen raised Sagimet Biosciences from a "sell" rating to a "hold" rating in a report on Sunday, September 21st. Finally, Jones Trading raised their price target on Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $25.67.

Sagimet Biosciences Trading Up 1.7%

Shares of SGMT opened at $6.98 on Thursday. The company has a market capitalization of $226.99 million, a price-to-earnings ratio of -3.81 and a beta of 3.24. The stock has a 50 day moving average of $7.74 and a 200 day moving average of $5.95. Sagimet Biosciences has a 12 month low of $1.73 and a 12 month high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its 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, equities research analysts predict that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Activity at Sagimet Biosciences

In related news, General Counsel Elizabeth Rozek sold 10,780 shares of Sagimet Biosciences stock in a transaction 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 completion of the sale, the general counsel owned 183,726 shares of the company's stock, valued at approximately $1,677,418.38. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Happel sold 65,478 shares of Sagimet Biosciences stock in a transaction on Monday, July 21st. The shares were sold at an average price of $9.13, for a total value of $597,814.14. Following the sale, the chief executive officer directly owned 689,722 shares of the company's stock, valued at $6,297,161.86. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,535 shares of company stock valued at $771,805. Company insiders own 14.70% of the company's stock.

Institutional Investors Weigh In On Sagimet Biosciences

Large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in Sagimet Biosciences during the first quarter valued at about $35,000. Persistent Asset Partners Ltd purchased a new stake in Sagimet Biosciences during the first quarter valued at about $35,000. ANTIPODES PARTNERS Ltd purchased a new stake in Sagimet Biosciences during the second quarter valued at about $41,000. Charles Schwab Investment Management Inc. purchased a new stake in Sagimet Biosciences during the first quarter valued at about $49,000. Finally, Jasper Ridge Partners L.P. purchased a new stake in Sagimet Biosciences during the first quarter valued at about $62,000. Hedge funds and other institutional investors own 87.86% of the company's stock.

Sagimet Biosciences Company Profile

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.

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