Sagimet Biosciences Inc. (NASDAQ:SGMT) CEO David Happel Sells 65,478 Shares

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) CEO David Happel sold 65,478 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Sagimet Biosciences Price Performance

SGMT stock traded down $0.03 on Friday, reaching $10.17. 1,000,525 shares of the company traded hands, compared to its average volume of 1,147,694. The company has a market cap of $311.91 million, a P/E ratio of -5.78 and a beta of 3.35. The firm has a fifty day simple moving average of $6.80 and a 200-day simple moving average of $4.75. Sagimet Biosciences Inc. has a one year low of $1.73 and a one year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.56) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.23. On average, sell-side analysts forecast that Sagimet Biosciences Inc. will post -1.6 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in shares of Sagimet Biosciences by 257.1% during the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company's stock worth $3,120,000 after buying an additional 499,094 shares during the last quarter. 683 Capital Management LLC acquired a new position in Sagimet Biosciences in the fourth quarter valued at $622,000. Bridgeway Capital Management LLC increased its stake in shares of Sagimet Biosciences by 62.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company's stock worth $1,008,000 after acquiring an additional 85,800 shares during the period. OMERS ADMINISTRATION Corp acquired a new position in shares of Sagimet Biosciences during the fourth quarter worth about $263,000. Finally, Jane Street Group LLC acquired a new position in shares of Sagimet Biosciences during the fourth quarter worth about $249,000. 87.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jones Trading boosted their target price on Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Canaccord Genuity Group started coverage on Sagimet Biosciences in a report on Thursday. They issued a "buy" rating and a $28.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Sagimet Biosciences currently has an average rating of "Buy" and an average target price of $26.83.

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.