Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Consensus Rating 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 received an average rating of "Buy" from the six analysts that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have covered the stock in the last year is $26.83.

A number of brokerages have recently issued reports on SGMT. Jones Trading lifted their price target on Sagimet Biosciences from $15.00 to $27.00 and gave the company a "buy" rating in a report on Friday, June 6th. Canaccord Genuity Group started coverage on Sagimet Biosciences in a research note on Thursday, July 24th. They set a "buy" rating and a $28.00 target price on the stock.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock traded down $0.63 during mid-day trading on Friday, reaching $9.60. 229,887 shares of the stock traded hands, compared to its average volume of 1,141,943. The stock has a market capitalization of $294.40 million, a PE ratio of -5.46 and a beta of 3.35. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41. The business's 50-day moving average is $7.21 and its 200-day moving average is $4.84.

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, topping analysts' consensus estimates of ($0.79) by $0.23. Equities analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Elizabeth Rozek sold 10,780 shares of the company'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 value of $98,421.40. Following the transaction, the general counsel directly owned 183,726 shares in the company, valued at approximately $1,677,418.38. This represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Happel sold 65,478 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $9.13, for a total value of $597,814.14. Following the completion of the transaction, the chief executive officer directly owned 689,722 shares in the company, valued at $6,297,161.86. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 84,535 shares of company stock worth $771,805. Corporate insiders own 14.70% of the company's stock.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN acquired a new stake in shares of Sagimet Biosciences in the fourth quarter valued at approximately $31,000. Persistent Asset Partners Ltd bought a new position in shares of Sagimet Biosciences during the 1st quarter valued at $35,000. XTX Topco Ltd bought a new position in shares of Sagimet Biosciences during the 1st quarter valued at $35,000. Charles Schwab Investment Management Inc. acquired a new position in Sagimet Biosciences in the 1st quarter valued at $49,000. Finally, Summit Financial Wealth Advisors LLC acquired a new position in Sagimet Biosciences in the 4th quarter valued at $61,000. Institutional investors and hedge funds own 87.86% 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.