Insider Selling: Sagimet Biosciences Inc. (NASDAQ:SGMT) General Counsel Sells 10,780 Shares of Stock

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) General Counsel Elizabeth Rozek sold 10,780 shares of Sagimet Biosciences 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 $98,421.40. Following the completion of the sale, the general counsel directly owned 183,726 shares in the company, valued at $1,677,418.38. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Sagimet Biosciences Stock Down 0.3%

Shares of NASDAQ SGMT traded down $0.03 on Friday, reaching $10.17. 1,000,525 shares of the company's stock traded hands, compared to its average volume of 1,147,694. Sagimet Biosciences Inc. has a 12 month low of $1.73 and a 12 month high of $11.41. The company has a market cap of $311.91 million, a price-to-earnings ratio of -5.78 and a beta of 3.35. The business's 50 day simple moving average is $6.80 and its two-hundred day simple moving average is $4.75.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.23. Analysts forecast that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Abacus Planning Group Inc. lifted its stake in shares of Sagimet Biosciences by 14.6% during the 2nd quarter. Abacus Planning Group Inc. now owns 29,968 shares of the company's stock valued at $228,000 after buying an additional 3,819 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Sagimet Biosciences during the 2nd quarter valued at $143,000. NewEdge Advisors LLC purchased a new position in shares of Sagimet Biosciences during the 1st quarter valued at $105,000. Trexquant Investment LP purchased a new position in shares of Sagimet Biosciences during the 1st quarter valued at $85,000. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of Sagimet Biosciences by 46.3% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company's stock valued at $279,000 after buying an additional 27,100 shares in the last quarter. Hedge funds and other institutional investors own 87.86% of the company's stock.

Analysts Set New Price Targets

SGMT has been the topic of a number of research reports. Jones Trading lifted their price target on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Canaccord Genuity Group started coverage on shares of Sagimet Biosciences in a research report on Thursday. They issued a "buy" rating and a $28.00 target price for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $26.83.

About Sagimet Biosciences

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.