Sagimet Biosciences Inc. (NASDAQ:SGMT) Expected to Earn Q1 2024 Earnings of ($0.41) Per Share

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Research analysts at HC Wainwright issued their Q1 2024 earnings per share (EPS) estimates for Sagimet Biosciences in a research note issued to investors on Thursday, May 2nd. HC Wainwright analyst E. Arce expects that the company will earn ($0.41) per share for the quarter. HC Wainwright currently has a “Buy” rating and a $32.00 target price on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($2.17) per share. HC Wainwright also issued estimates for Sagimet Biosciences’ Q2 2024 earnings at ($0.41) EPS, Q3 2024 earnings at ($0.59) EPS, Q4 2024 earnings at ($0.94) EPS, FY2024 earnings at ($2.37) EPS, FY2025 earnings at ($5.47) EPS, FY2026 earnings at ($5.69) EPS and FY2027 earnings at ($5.09) EPS.

SGMT has been the topic of several other research reports. JMP Securities decreased their price target on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a report on Wednesday, February 7th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. The Goldman Sachs Group reduced their price target on Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a report on Tuesday, March 26th. Finally, SVB Leerink started coverage on Sagimet Biosciences in a research report on Monday, March 25th. They issued an “outperform” rating and a $26.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $39.60.

Sagimet Biosciences Stock Up 1.2 %

NASDAQ:SGMT opened at $4.33 on Monday. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71. The stock’s 50 day simple moving average is $4.92 and its two-hundred day simple moving average is $5.61.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. New York State Common Retirement Fund acquired a new position in Sagimet Biosciences in the 3rd quarter worth about $56,000. Victory Capital Management Inc. acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at $158,000. Teacher Retirement System of Texas purchased a new stake in Sagimet Biosciences in the 3rd quarter worth $220,000. Federated Hermes Inc. raised its position in Sagimet Biosciences by 24.7% during the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after acquiring an additional 19,276 shares during the period. Finally, Silverarc Capital Management LLC purchased a new position in Sagimet Biosciences during the third quarter valued at $880,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Insider Transactions at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel purchased 12,100 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were acquired at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the purchase, the chief executive officer now owns 639,200 shares of the company’s stock, valued at $3,368,584. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 17.60% 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.