Sagimet Biosciences (NASDAQ:SGMT) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT - Free Report) in a report released on Thursday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $28.00 price target on the stock.

Separately, Jones Trading increased their price objective on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Sagimet Biosciences has a consensus rating of "Buy" and an average target price of $26.83.

Sagimet Biosciences Price Performance

Shares of SGMT stock traded up $0.04 on Thursday, reaching $10.24. 1,169,042 shares of the company were exchanged, compared to its average volume of 829,162. The company has a market cap of $314.06 million, a price-to-earnings ratio of -5.82 and a beta of 3.35. The company has a 50-day moving average of $7.07 and a 200-day moving average of $4.81. Sagimet Biosciences has a one year low of $1.73 and a one year high of $11.41.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.23. As a group, sell-side analysts predict that Sagimet Biosciences will post -1.6 EPS for the current year.

Insider Buying and Selling

In related news, insider Eduardo Bruno Martins sold 8,277 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $9.13, for a total value of $75,569.01. Following the sale, the insider owned 106,936 shares in the company, valued at $976,325.68. This represents a 7.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Elizabeth Rozek sold 10,780 shares of the company'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 $98,421.40. Following the completion of the sale, the general counsel owned 183,726 shares in the company, valued at $1,677,418.38. This represents a 5.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,535 shares of company stock worth $771,805 in the last quarter. Insiders own 14.70% of the company's stock.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds have recently modified their holdings of SGMT. Millennium Management LLC lifted its position in shares of Sagimet Biosciences by 257.1% during the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company's stock worth $3,120,000 after buying an additional 499,094 shares in the last quarter. 683 Capital Management LLC purchased a new stake in shares of Sagimet Biosciences during the 4th quarter worth approximately $622,000. Bridgeway Capital Management LLC increased its stake in shares of Sagimet Biosciences by 62.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company's stock worth $1,008,000 after purchasing an additional 85,800 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Sagimet Biosciences in the 4th quarter valued at approximately $263,000. Finally, Jane Street Group LLC purchased a new position in Sagimet Biosciences in the 4th quarter valued at approximately $249,000. Institutional investors 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.