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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) have received an average rating of "Buy" from the six ratings firms that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $25.6667.

Several analysts have recently issued reports on the company. Canaccord Genuity Group initiated coverage on Sagimet Biosciences in a research note on Thursday, July 24th. They set a "buy" rating and a $28.00 price target for the company. Wall Street Zen lowered Sagimet Biosciences from a "hold" rating to a "sell" rating in a report on Saturday. HC Wainwright raised Sagimet Biosciences to a "buy" rating and set a $29.00 target price for the company in a research report on Thursday, August 7th. Jones Trading lifted their price target on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Wedbush assumed coverage on shares of Sagimet Biosciences in a research note on Monday, August 11th. They issued an "outperform" rating and a $28.00 price objective for the company.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel sold 65,478 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 value of $597,814.14. Following the transaction, the chief executive officer directly owned 689,722 shares of the company's stock, valued at $6,297,161.86. The trade was a 8.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eduardo Bruno Martins sold 8,277 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 $75,569.01. Following the transaction, the insider owned 106,936 shares of the company's stock, 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 84,535 shares of company stock valued at $771,805 in the last 90 days. 14.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SGMT. Geode Capital Management LLC raised its position in shares of Sagimet Biosciences by 0.6% during the second quarter. Geode Capital Management LLC now owns 265,324 shares of the company's stock valued at $2,023,000 after buying an additional 1,600 shares during the last quarter. American Century Companies Inc. grew its position in Sagimet Biosciences by 8.9% during the second quarter. American Century Companies Inc. now owns 42,285 shares of the company's stock worth $322,000 after buying an additional 3,454 shares in the last quarter. Abacus Planning Group Inc. increased its stake in Sagimet Biosciences by 14.6% during the second quarter. Abacus Planning Group Inc. now owns 29,968 shares of the company's stock valued at $228,000 after acquiring an additional 3,819 shares during the period. Bank of America Corp DE raised its holdings in Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock valued at $76,000 after acquiring an additional 4,473 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of Sagimet Biosciences in the 2nd quarter worth approximately $41,000. Institutional investors own 87.86% of the company's stock.

Sagimet Biosciences Stock Down 4.0%

Shares of SGMT opened at $6.76 on Friday. The firm has a market cap of $219.85 million, a price-to-earnings ratio of -3.69 and a beta of 3.34. The company's fifty day moving average is $8.42 and its 200-day moving average is $5.68. Sagimet Biosciences has a 12 month low of $1.73 and a 12 month high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.52) by $0.20. As a group, research analysts predict that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

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.

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