Sagimet Biosciences' (SGMT) Sell (D-) Rating Reiterated at Weiss Ratings

Key Points

• Sagimet Biosciences has received a "sell (D-)" rating from Weiss Ratings, which reinforces a bearish outlook on the stock.
• Despite this downgrade, several analysts have issued positive ratings, with Wedbush and Canaccord Genuity setting price targets of $28.00, while HC Wainwright targets $29.00.
• Currently, Sagimet's stock has a market capitalization of $237.72 million and a fifty-two week price range between $1.73 and $11.41, showcasing significant volatility.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report)'s stock had its "sell (d-)" rating restated by investment analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other analysts have also commented on SGMT. Wedbush initiated coverage on Sagimet Biosciences in a research note on Monday, August 11th. They set an "outperform" rating and a $28.00 price objective on the stock. Wall Street Zen raised Sagimet Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday, September 21st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $28.00 price objective on shares of Sagimet Biosciences in a research note on Thursday, October 2nd. Finally, HC Wainwright raised Sagimet Biosciences to a "buy" rating and set a $29.00 price objective on the stock in a research note on Thursday, August 7th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Sagimet Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $25.67.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $7.31 on Wednesday. The firm has a market capitalization of $237.72 million, a price-to-earnings ratio of -3.99 and a beta of 3.23. Sagimet Biosciences has a fifty-two week low of $1.73 and a fifty-two week high of $11.41. The stock's fifty day moving average is $7.49 and its two-hundred day moving average is $6.06.

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

Insider Buying and Selling

In related news, insider Eduardo Bruno Martins sold 8,277 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $75,569.01. Following the transaction, the insider directly owned 106,936 shares in the company, valued at approximately $976,325.68. This represents a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Happel sold 65,478 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $597,814.14. Following the transaction, 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. Over the last ninety days, insiders have sold 84,535 shares of company stock worth $771,805. 14.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Several large investors have recently added to or reduced their stakes in SGMT. Bridgeway Capital Management LLC raised its holdings in shares of Sagimet Biosciences by 231.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company's stock worth $3,146,000 after purchasing an additional 288,341 shares during the period. Jump Financial LLC purchased a new position in shares of Sagimet Biosciences in the 2nd quarter worth about $1,130,000. NewEdge Advisors LLC purchased a new position in shares of Sagimet Biosciences in the 1st quarter worth about $105,000. Bailard Inc. purchased a new position in shares of Sagimet Biosciences in the 2nd quarter worth about $221,000. Finally, OMERS ADMINISTRATION Corp raised its holdings in shares of Sagimet Biosciences by 46.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company's stock worth $279,000 after purchasing an additional 27,100 shares during the period. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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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