Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Sagimet Biosciences Inc. has received a consensus recommendation of "Buy" from six brokerages, with an average price target of $25.67.
• Insiders sold a total of 84,535 shares of the company's stock in recent months, representing a significant activity in the market.
• The company's stock recently opened at $6.91 and has a twelve-month price range of $1.73 to $11.41.

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) have been given an average rating of "Buy" by the six brokerages that are presently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $25.6667.

Several analysts recently commented on the company. Jones Trading raised their target price on Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, June 6th. HC Wainwright raised Sagimet Biosciences to a "buy" rating and set a $29.00 target price on the stock in a report on Thursday, August 7th. Wedbush assumed coverage on Sagimet Biosciences in a report on Monday, August 11th. They set an "outperform" rating and a $28.00 target price on the stock. Finally, Canaccord Genuity Group initiated coverage on Sagimet Biosciences in a report on Thursday, July 24th. They set a "buy" rating and a $28.00 target price on the stock.

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, insider Eduardo Bruno Martins sold 8,277 shares of the 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 $75,569.01. Following the completion of the transaction, the insider owned 106,936 shares of the company's stock, valued at $976,325.68. The trade was a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,535 shares of company stock worth $771,805. 14.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds have recently modified their holdings of the business. Millennium Management LLC lifted its position in Sagimet Biosciences by 257.1% in the fourth quarter. Millennium Management LLC now owns 693,247 shares of the company's stock valued at $3,120,000 after buying an additional 499,094 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in Sagimet Biosciences by 231.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company's stock valued at $3,146,000 after purchasing an additional 288,341 shares during the last quarter. Geode Capital Management LLC lifted its stake in Sagimet Biosciences by 0.6% during the second quarter. Geode Capital Management LLC now owns 265,324 shares of the company's stock worth $2,023,000 after purchasing an additional 1,600 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Sagimet Biosciences in the second quarter valued at $1,130,000. Finally, 683 Capital Management LLC acquired a new position in Sagimet Biosciences during the 4th quarter worth about $622,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Price Performance

NASDAQ SGMT traded down $0.24 during trading on Wednesday, hitting $7.11. The company's stock had a trading volume of 479,109 shares, compared to its average volume of 711,357. The company has a market cap of $231.22 million, a PE ratio of -3.89 and a beta of 3.37. The business's 50 day simple moving average is $8.67 and its 200-day simple moving average is $5.37. Sagimet Biosciences has a fifty-two week low of $1.73 and a fifty-two week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.20. Analysts expect that Sagimet Biosciences will post -1.6 EPS for the current fiscal 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.