Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Average Recommendation of "Buy" by Analysts

Key Points

• Analysts have given Sagimet Biosciences Inc. an average recommendation of "Buy", with a 12-month price target of $26.83.
• Insider sales were reported, including Eduardo Bruno Martins and Elizabeth Rozek, who each sold shares at around $9.13, reducing their ownership stakes by approximately 7.18% and 5.54% respectively.
• The company reported earnings of ($0.56) per share, beating estimates, and analysts expect a projected EPS of (-1.6) for the current year.

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) have been given an average recommendation of "Buy" by the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have covered the stock in the last year is $26.83.

A number of analysts recently weighed in on the stock. Jones Trading upped their target price on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Canaccord Genuity Group assumed coverage on shares of Sagimet Biosciences in a research note on Thursday. They set a "buy" rating and a $28.00 price objective on the stock.

Insiders Place Their Bets

In other Sagimet Biosciences news, insider Eduardo Bruno Martins sold 8,277 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 $75,569.01. Following the sale, the insider directly owned 106,936 shares of the company's stock, valued at approximately $976,325.68. This represents a 7.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Elizabeth Rozek sold 10,780 shares of the company's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $98,421.40. Following the sale, the general counsel directly owned 183,726 shares in the company, valued at $1,677,418.38. This represents a 5.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,535 shares of company stock valued at $771,805. 14.70% of the stock is currently owned by insiders.

Institutional Trading of Sagimet Biosciences

Hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN bought a new stake in shares of Sagimet Biosciences during the fourth quarter valued at approximately $31,000. Persistent Asset Partners Ltd bought a new stake in shares of Sagimet Biosciences during the first quarter valued at approximately $35,000. XTX Topco Ltd bought a new stake in shares of Sagimet Biosciences during the first quarter valued at approximately $35,000. Summit Financial Wealth Advisors LLC bought a new stake in shares of Sagimet Biosciences during the fourth quarter valued at approximately $61,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Sagimet Biosciences during the first quarter valued at approximately $49,000. 87.86% of the stock is owned by institutional investors.

Sagimet Biosciences Stock Up 0.4%

NASDAQ SGMT opened at $10.24 on Friday. The stock has a market cap of $314.06 million, a P/E ratio of -5.82 and a beta of 3.35. The company's 50-day simple moving average is $7.07 and its 200 day simple moving average is $4.81. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month 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) earnings per share for the quarter, beating analysts' consensus estimates of ($0.79) by $0.23. Research analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.