Sagimet Biosciences (NASDAQ:SGMT) Raised to "Hold" at Wall Street Zen

Key Points

• Sagimet Biosciences has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, with other analysts also providing positive ratings and target prices ranging from $27 to $29.
• The company's stock has seen a recent decline of 3.4%, with current trading around $6.52, yet it has a fifty-two week high of $11.41.
• Insider transactions show General Counsel and CEO each sold shares recently, amounting to a significant 84,535 shares sold over the last 90 days, indicating potential insider confidence fluctuations.

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

SGMT has been the topic of a number of other research reports. Wedbush started coverage on shares of Sagimet Biosciences in a research report on Monday, August 11th. They set an "outperform" rating and a $28.00 target price on the stock. HC Wainwright upgraded shares of Sagimet Biosciences to a "buy" rating and set a $29.00 target price on the stock in a research report on Thursday, August 7th. Jones Trading boosted their target price 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, Canaccord Genuity Group started coverage on shares of Sagimet Biosciences in a research report on Thursday, July 24th. They set a "buy" rating and a $28.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $25.67.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT traded up $0.03 during midday trading on Friday, reaching $6.84. The stock had a trading volume of 429,213 shares, compared to its average volume of 1,024,099. The firm has a market cap of $222.27 million, a price-to-earnings ratio of -3.78 and a beta of 3.35. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $11.41. The company's 50 day moving average price is $8.07 and its 200 day moving average price is $5.81.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings results 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. Equities analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, insider Eduardo Bruno Martins sold 8,277 shares of the business's stock in a transaction on 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 sale, the insider owned 106,936 shares in the company, valued at approximately $976,325.68. The trade was a 7.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Happel sold 65,478 shares of the business's stock in a transaction on Monday, July 21st. The shares were 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 of the company's stock, valued at $6,297,161.86. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,535 shares of company stock worth $771,805. 14.70% of the stock is owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth $249,000. Millennium Management LLC grew its stake in shares of Sagimet Biosciences by 257.1% in the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company's stock worth $3,120,000 after acquiring an additional 499,094 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Sagimet Biosciences by 72.4% in the 4th quarter. Squarepoint Ops LLC now owns 50,484 shares of the company's stock worth $227,000 after acquiring an additional 21,195 shares in the last quarter. Abacus Planning Group Inc. bought a new stake in shares of Sagimet Biosciences in the 1st quarter worth $85,000. Finally, XTX Topco Ltd bought a new stake in shares of Sagimet Biosciences in the 1st quarter worth $35,000. Institutional investors own 87.86% of the company's stock.

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.