Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $25.67 Average Price Target from Brokerages

Key Points

• Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average rating of "Buy" from six ratings firms, with a target price averaging $25.67.
• CEO David Happel sold 65,478 shares of Sagimet stock, valued at around $597,814, resulting in an 8.67% decrease in his holdings.
• Institutional investors significantly own 87.86% of Sagimet's stock, reflecting strong interest from large financial entities.

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) has received an average recommendation of "Buy" from the six analysts that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have covered the stock in the last year is $25.6667.

Several equities analysts have weighed in on the company. Canaccord Genuity Group began coverage on Sagimet Biosciences in a report on Thursday, July 24th. They set a "buy" rating and a $28.00 price objective for the company. HC Wainwright upgraded Sagimet Biosciences to a "buy" rating and set a $29.00 price objective for the company in a report on Thursday, August 7th. Wedbush assumed coverage on Sagimet Biosciences in a research note on Monday, August 11th. They set an "outperform" rating and a $28.00 price target for the company. Jones Trading increased their target price on Sagimet Biosciences from $15.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Wall Street Zen downgraded Sagimet Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, September 13th.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock traded down $0.04 during midday trading on Friday, reaching $6.71. 150,665 shares of the company's stock were exchanged, compared to its average volume of 1,026,870. The stock's 50-day simple moving average is $8.19 and its 200 day simple moving average is $5.74. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41. The firm has a market cap of $218.22 million, a price-to-earnings ratio of -3.67 and a beta of 3.34.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported ($0.32) earnings per share for the quarter, beating analysts' consensus estimates of ($0.52) by $0.20. Research analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Transactions at Sagimet Biosciences

In other news, CEO David Happel sold 65,478 shares of the business'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 $597,814.14. Following the transaction, the chief executive officer owned 689,722 shares of the company's stock, valued at approximately $6,297,161.86. The trade was a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eduardo Bruno Martins sold 8,277 shares of the business'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 $75,569.01. Following the transaction, the insider owned 106,936 shares in the company, valued at approximately $976,325.68. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,535 shares of company stock worth $771,805 in the last ninety days. Insiders own 14.70% of the company's stock.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its stake in Sagimet Biosciences by 9,168.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 26,785 shares of the company's stock worth $204,000 after purchasing an additional 26,496 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Sagimet Biosciences by 231.6% during the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company's stock worth $3,146,000 after purchasing an additional 288,341 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Sagimet Biosciences by 81.8% during the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock worth $76,000 after purchasing an additional 4,473 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Sagimet Biosciences during the second quarter worth $1,130,000. Finally, XTX Topco Ltd raised its stake in shares of Sagimet Biosciences by 137.0% in the second quarter. XTX Topco Ltd now owns 25,624 shares of the company's stock worth $195,000 after purchasing an additional 14,813 shares during the last quarter. 87.86% of the stock is owned by institutional investors and hedge funds.

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.