What is HC Wainwright's Estimate for SGMT FY2029 Earnings?

Key Points

• HC Wainwright raised its FY2029 EPS estimate for Sagimet Biosciences to $0.89, up from $0.81, and forecasts FY2030 EPS of $2.28. The firm maintains a Buy rating and a $29 price target.
• Sagimet’s shares opened at $9.03, with the stock down 1.2%; the company recently reported a quarterly loss of $0.26 per share, slightly worse than the $0.25 consensus estimate.
• Analyst sentiment remains generally positive, with nine Buy ratings, one Hold, and two Sell ratings, resulting in a Moderate Buy consensus and an average price target of $26.63.

Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) - Research analysts at HC Wainwright boosted their FY2029 earnings per share estimates for shares of Sagimet Biosciences in a research note issued on Monday, October 5th. HC Wainwright analyst B. Folkes now forecasts that the company will post earnings of $0.89 per share for the year, up from their previous estimate of $0.81. HC Wainwright has a "Buy" rating and a $29.00 price target on the stock. The consensus estimate for Sagimet Biosciences' current full-year earnings is ($1.17) per share. HC Wainwright also issued estimates for Sagimet Biosciences' FY2030 earnings at $2.28 EPS.

A number of other research firms have also weighed in on SGMT. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a report on Friday, July 17th. Guggenheim boosted their price objective on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Friday. Citizens Jmp decreased their price objective on shares of Sagimet Biosciences from $29.00 to $27.00 and set a "market outperform" rating for the company in a research report on Thursday, October 1st. Citigroup restated a "market outperform" rating on shares of Sagimet Biosciences in a research note on Thursday. Finally, Canaccord Genuity Group boosted their price target on Sagimet Biosciences from $49.00 to $56.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.63.

Sagimet Biosciences Trading Down 1.2%

NASDAQ SGMT opened at $9.03 on Tuesday. The stock has a market cap of $561.30 million, a P/E ratio of -7.05 and a beta of 3.46. The company's fifty day simple moving average is $9.86 and its 200-day simple moving average is $7.80. Sagimet Biosciences has a 52 week low of $4.50 and a 52 week high of $11.45.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its quarterly earnings results 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).

Insider Buying and Selling

In related news, insider Elizabeth Rozek sold 10,545 shares of the company's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the sale, the insider directly owned 224,414 shares of the company's stock, valued at $1,741,452.64. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO David Happel sold 64,051 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total transaction of $497,035.76. Following the transaction, the chief executive officer owned 741,570 shares in the company, valued at $5,754,583.20. This trade represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 113,646 shares of company stock worth $920,491. Insiders own 11.50% of the company's stock.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors have recently modified their holdings of SGMT. Renaissance Technologies LLC grew its stake in Sagimet Biosciences by 82.6% in the first 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 in the last quarter. Seven Fleet Capital Management LP acquired a new stake in Sagimet Biosciences during the second quarter valued at approximately $3,119,000. Dimensional Fund Advisors LP raised its stake in Sagimet Biosciences by 99.4% during the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company's stock valued at $1,415,000 after buying an additional 135,178 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Sagimet Biosciences during the 2nd quarter worth approximately $1,551,000. Finally, AWM Investment Company Inc. bought a new position in Sagimet Biosciences during the 2nd quarter worth approximately $618,000. Institutional investors and hedge funds 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.

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