Goldman Sachs Group Inc. Sells 109,464 Shares of Sagimet Biosciences Inc. $SGMT

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Sagimet Biosciences Inc. by 82.3%, selling 109,464 shares and now owns only 23,603 shares valued at approximately $77,000.
• Investment analysts maintain a positive outlook on Sagimet Biosciences, with several institutions issuing a "buy" rating and a consensus price target of $25.67.
• CEO David Happel sold 65,478 shares at an average price of $9.13, resulting in an 8.67% decrease in his ownership, while insiders collectively sold 84,535 shares in the past 90 days.

Goldman Sachs Group Inc. decreased its position in Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 82.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,603 shares of the company's stock after selling 109,464 shares during the quarter. Goldman Sachs Group Inc. owned 0.08% of Sagimet Biosciences worth $77,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jane Street Group LLC purchased a new stake in Sagimet Biosciences in the fourth quarter worth approximately $249,000. Squarepoint Ops LLC lifted its holdings in shares of Sagimet Biosciences by 72.4% in the 4th quarter. Squarepoint Ops LLC now owns 50,484 shares of the company's stock worth $227,000 after acquiring an additional 21,195 shares during the last quarter. XTX Topco Ltd bought a new stake in Sagimet Biosciences in the first quarter worth $35,000. Persistent Asset Partners Ltd bought a new stake in Sagimet Biosciences in the first quarter worth $35,000. Finally, Abacus Planning Group Inc. bought a new stake in Sagimet Biosciences in the first quarter worth $85,000. Hedge funds and other institutional investors own 87.86% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group assumed coverage on Sagimet Biosciences in a research note on Thursday, July 24th. They issued a "buy" rating and a $28.00 target price for the company. Jones Trading upped their price target on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wall Street Zen upgraded shares of Sagimet Biosciences from a "sell" rating to a "hold" rating in a report on Sunday, September 21st. Wedbush began coverage on shares of Sagimet Biosciences in a report on Monday, August 11th. They set an "outperform" rating and a $28.00 price target for the company. Finally, HC Wainwright upgraded shares of Sagimet Biosciences to a "buy" rating and set a $29.00 price target for the company in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $25.67.

Sagimet Biosciences Price Performance

Shares of Sagimet Biosciences stock opened at $6.86 on Wednesday. Sagimet Biosciences Inc. has a 1 year low of $1.73 and a 1 year high of $11.41. The company has a 50-day moving average of $7.79 and a 200 day moving average of $5.94. The firm has a market cap of $223.09 million, a price-to-earnings ratio of -3.75 and a beta of 3.34.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.52) by $0.20. On average, equities analysts anticipate that Sagimet Biosciences Inc. will post -1.6 EPS for the current year.

Insider Activity at Sagimet Biosciences

In related news, CEO David Happel sold 65,478 shares of the firm's 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 $597,814.14. Following the completion of the transaction, the chief executive officer owned 689,722 shares of the company's stock, valued at $6,297,161.86. This trade represents a 8.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Elizabeth Rozek sold 10,780 shares of the firm's stock in a transaction on Monday, July 21st. The shares were 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. The trade was a 5.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,535 shares of company stock valued at $771,805 in the last 90 days. Corporate insiders own 14.70% 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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