Sagimet Biosciences (NASDAQ:SGMT) Now Covered by Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT - Free Report) in a research report report published on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $28.00 price objective on the stock.

Separately, Jones Trading raised their price objective 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $26.83.

Sagimet Biosciences Trading Down 0.1%

Shares of Sagimet Biosciences stock traded down $0.01 during mid-day trading on Thursday, reaching $10.23. 1,124,800 shares of the stock were exchanged, compared to its average volume of 1,148,877. The company has a market cap of $313.75 million, a price-to-earnings ratio of -5.81 and a beta of 3.35. Sagimet Biosciences has a fifty-two week low of $1.73 and a fifty-two week high of $11.41. The firm has a 50-day simple moving average of $7.07 and a 200 day simple moving average of $4.80.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.23. On average, research analysts predict that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Elizabeth Rozek sold 10,780 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $98,421.40. Following the transaction, the general counsel owned 183,726 shares of the company's stock, valued at $1,677,418.38. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Happel sold 65,478 shares of the firm'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 transaction of $597,814.14. Following the sale, the chief executive officer owned 689,722 shares in the company, valued at $6,297,161.86. This trade represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, 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

Several hedge funds have recently bought and sold shares of SGMT. 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 acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at approximately $35,000. XTX Topco Ltd acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at approximately $35,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at approximately $49,000. Finally, Summit Financial Wealth Advisors LLC acquired a new stake in shares of Sagimet Biosciences in the fourth quarter valued at approximately $61,000. 87.86% of the stock is currently 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.