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

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 investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Friday.

Several other research analysts also recently issued reports on the company. Wedbush began coverage on Sagimet Biosciences in a research note on Monday, August 11th. They set an "outperform" rating and a $28.00 price target for the company. HC Wainwright raised shares of Sagimet Biosciences to a "buy" rating and set a $29.00 target price for the company in a research note on Thursday, August 7th. Canaccord Genuity Group began coverage on shares of Sagimet Biosciences in a research note on Thursday, July 24th. They issued a "buy" rating and a $28.00 target price for the company. Finally, 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 note on Friday, June 6th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Sagimet Biosciences presently has an average rating of "Buy" and a consensus price target of $25.67.

Sagimet Biosciences Stock Down 1.9%

NASDAQ:SGMT opened at $7.11 on Friday. The company has a market capitalization of $231.22 million, a PE ratio of -3.89 and a beta of 3.34. Sagimet Biosciences has a 52-week low of $1.73 and a 52-week high of $11.41. The stock has a fifty day simple moving average of $8.53 and a 200-day simple moving average of $5.56.

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

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel sold 65,478 shares of Sagimet Biosciences 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 completion of the sale, the chief executive officer owned 689,722 shares in the company, valued at $6,297,161.86. The trade was a 8.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eduardo Bruno Martins sold 8,277 shares of Sagimet Biosciences stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $9.13, for a total value of $75,569.01. Following the completion of the sale, the insider owned 106,936 shares of the company's stock, valued at $976,325.68. This trade represents a 7.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,535 shares of company stock worth $771,805 in the last 90 days. 14.70% of the stock is owned by company insiders.

Institutional Trading of Sagimet Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its holdings in Sagimet Biosciences by 9,168.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 26,785 shares of the company's stock valued at $204,000 after buying an additional 26,496 shares during the period. Bridgeway Capital Management LLC grew its holdings in Sagimet Biosciences by 231.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company's stock valued at $3,146,000 after buying an additional 288,341 shares during the period. Bank of America Corp DE grew its holdings in Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock valued at $76,000 after buying an additional 4,473 shares during the period. Jump Financial LLC purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter worth about $1,130,000. Finally, XTX Topco Ltd grew its holdings in shares of Sagimet Biosciences by 137.0% during the 2nd quarter. XTX Topco Ltd now owns 25,624 shares of the company's stock worth $195,000 after purchasing an additional 14,813 shares during the period. Hedge funds and other 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.

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