Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) was upgraded by equities research analysts at HC Wainwright to a "buy" rating in a note issued to investors on Thursday, MarketBeat.com reports. The firm presently has a $29.00 target price on the stock. HC Wainwright's price objective would indicate a potential upside of 228.61% from the company's current price.
Several other equities research analysts have also weighed in on SGMT. Jones Trading lifted their price target on Sagimet Biosciences from $15.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Canaccord Genuity Group assumed coverage on shares of Sagimet Biosciences in a report on Thursday, July 24th. They issued a "buy" rating and a $28.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Sagimet Biosciences presently has an average rating of "Buy" and an average price target of $26.33.
Read Our Latest Stock Report on Sagimet Biosciences
Sagimet Biosciences Stock Performance
Shares of Sagimet Biosciences stock traded down $0.23 during midday trading on Thursday, reaching $8.83. 135,480 shares of the company's stock traded hands, compared to its average volume of 1,114,823. The stock has a 50 day moving average of $8.08 and a 200-day moving average of $5.08. The company has a market cap of $270.66 million, a PE ratio of -5.00 and a beta of 3.37. 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 Thursday, May 8th. The company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.23. On average, equities analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.
Insider Transactions at Sagimet Biosciences
In related news, 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 directly owned 106,936 shares of the company's stock, valued at approximately $976,325.68. This represents a 7.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Happel sold 65,478 shares of the company's stock in a transaction on Monday, July 21st. The shares were 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 in the company, valued at approximately $6,297,161.86. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,535 shares of company stock worth $771,805. Corporate insiders own 14.70% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGMT. Geode Capital Management LLC raised its stake in Sagimet Biosciences by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company's stock valued at $1,149,000 after buying an additional 2,938 shares during the last quarter. Jane Street Group LLC purchased a new position in Sagimet Biosciences in the fourth quarter worth about $249,000. Wells Fargo & Company MN bought a new stake in shares of Sagimet Biosciences during the 4th quarter valued at about $31,000. Dimensional Fund Advisors LP purchased a new stake in shares of Sagimet Biosciences during the 4th quarter valued at about $114,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of Sagimet Biosciences by 72.4% in the fourth quarter. Squarepoint Ops LLC now owns 50,484 shares of the company's stock worth $227,000 after buying an additional 21,195 shares during the last quarter. Institutional investors own 87.86% of the company's stock.
About Sagimet Biosciences
(
Get Free Report)
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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