Sagimet Biosciences (NASDAQ:SGMT) Rating Lowered to Sell at Wall Street Zen

Key Points

• Sagimet Biosciences' rating was downgraded from "hold" to "sell" by Wall Street Zen, with several other firms maintaining a "buy" or "outperform" rating and a price target of around $28.00.
• The company's shares opened at $7.68 with a market capitalization of $249.75 million and a P/E ratio of -4.20, having a one-year low of $1.73 and a high of $11.41.
• Recent insider trading saw CEO David Happel sell 65,478 shares for a total of approximately $597,814, marking an 8.67% reduction in his holdings of the company's stock.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other research firms have also commented on SGMT. Canaccord Genuity Group reiterated a "buy" rating and issued a $28.00 price objective on shares of Sagimet Biosciences in a research report on Thursday, October 2nd. Wedbush initiated coverage on shares of Sagimet Biosciences in a research report on Monday, August 11th. They issued an "outperform" rating and a $28.00 price objective on the stock. HC Wainwright upgraded shares of Sagimet Biosciences to a "buy" rating and set a $29.00 price objective on the stock in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Sagimet Biosciences in a research report on Wednesday. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.67.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT opened at $7.68 on Friday. The firm has a market capitalization of $249.75 million, a P/E ratio of -4.20 and a beta of 3.23. Sagimet Biosciences has a one year low of $1.73 and a one year high of $11.41. The company's fifty day moving average is $7.48 and its two-hundred day moving average is $6.12.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.20. On average, sell-side analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insider Activity at Sagimet Biosciences

In related news, CEO David Happel sold 65,478 shares of the business'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 $597,814.14. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 shares were sold at an average price of $9.13, for a total transaction of $75,569.01. Following the completion of the transaction, the insider directly owned 106,936 shares of the company's stock, valued at $976,325.68. The trade was a 7.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,535 shares of company stock valued at $771,805. 14.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. ANTIPODES PARTNERS Ltd acquired a new position in shares of Sagimet Biosciences during the 2nd quarter valued at about $41,000. Bank of America Corp DE increased its stake 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 valued at $76,000 after acquiring an additional 4,473 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Sagimet Biosciences during the 1st quarter valued at about $35,000. XTX Topco Ltd acquired a new position in shares of Sagimet Biosciences during the 1st quarter valued at about $35,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in shares of Sagimet Biosciences during the 1st quarter valued at about $49,000. Institutional investors and hedge funds 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.

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