Sagimet Biosciences (NASDAQ:SGMT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Sagimet Biosciences (NASDAQ:SGMT) from a "sell" rating to a "hold" rating, indicating a moderate change in outlook.
• Several other research firms have issued positive ratings for Sagimet, with target prices ranging from $28.00 to $29.00, reflecting a strong consensus among analysts.
• The company's stock has recently dipped by 1.9%, and its current market cap is approximately $231.22 million, with a notable 52-week price range between $1.73 and $11.41.

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

SGMT has been the subject of a number of other research reports. Canaccord Genuity Group initiated coverage on shares of Sagimet Biosciences in a research report on Thursday, July 24th. They issued a "buy" rating and a $28.00 target price for the company. HC Wainwright raised shares of Sagimet Biosciences to a "buy" rating and set a $29.00 price objective for the company in a research report on Thursday, August 7th. Wedbush began coverage on shares of Sagimet Biosciences in a research report on Monday, August 11th. They set an "outperform" rating and a $28.00 price objective for the company. Finally, Jones Trading boosted their price objective 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. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Sagimet Biosciences has an average rating of "Buy" and a consensus price target of $25.67.

Sagimet Biosciences Trading Down 1.3%

NASDAQ:SGMT traded down $0.09 during trading hours on Friday, reaching $7.04. The company had a trading volume of 397,788 shares, compared to its average volume of 554,036. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41. The firm has a market cap of $228.94 million, a price-to-earnings ratio of -3.85 and a beta of 3.34. The firm's 50 day moving average price is $8.45 and its 200-day moving average price is $5.64.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping analysts' consensus estimates of ($0.52) by $0.20. On average, 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, General Counsel Elizabeth Rozek sold 10,780 shares of Sagimet Biosciences stock in a transaction on Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $98,421.40. Following the transaction, the general counsel owned 183,726 shares in the company, valued at approximately $1,677,418.38. The trade was a 5.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Happel sold 65,478 shares of Sagimet Biosciences 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 transaction, the chief executive officer owned 689,722 shares in the company, valued at approximately $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 quarter, insiders have sold 84,535 shares of company stock worth $771,805. 14.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Wells Fargo & Company MN purchased a new position in shares of Sagimet Biosciences during the 4th quarter valued at $31,000. XTX Topco Ltd purchased a new stake in Sagimet Biosciences in the 1st quarter worth $35,000. Persistent Asset Partners Ltd purchased a new stake in Sagimet Biosciences in the 1st quarter worth $35,000. ANTIPODES PARTNERS Ltd purchased a new stake in Sagimet Biosciences in the 2nd quarter worth $41,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in Sagimet Biosciences in the 1st quarter worth $49,000. Hedge funds and other 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.