Sagimet Biosciences Inc. (NASDAQ:SGMT) Stock Has Average Price Target of $25.34

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have earned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $25.34.

A number of equities research analysts have commented on SGMT shares. Barclays raised Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $8.00 to $18.00 in a report on Wednesday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of Sagimet Biosciences in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Friday, July 17th. The Goldman Sachs Group initiated coverage on shares of Sagimet Biosciences in a report on Thursday, September 24th. They set a “sell” rating and a $7.00 price objective on the stock. Finally, Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research report on Friday, August 14th.

Sagimet Biosciences Stock Down 6.1%

Shares of NASDAQ:SGMT opened at $9.33 on Friday. Sagimet Biosciences has a 52 week low of $4.50 and a 52 week high of $11.45. The company has a 50-day moving average price of $9.68 and a 200 day moving average price of $7.68. The company has a market cap of $579.94 million, a P/E ratio of -7.29 and a beta of 3.45.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). Analysts expect that Sagimet Biosciences will post -1.19 EPS for the current year.

Insider Transactions at Sagimet Biosciences

In related news, CEO David Happel sold 64,051 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $497,035.76. Following the sale, the chief executive officer owned 741,570 shares in the company, valued at $5,754,583.20. This represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth Rozek sold 10,545 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the completion of the transaction, the insider directly owned 224,414 shares of the company’s stock, valued at $1,741,452.64. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 113,646 shares of company stock valued at $920,491 in the last quarter. 11.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Baird Financial Group Inc. raised its position in shares of Sagimet Biosciences by 19.8% during the 2nd quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock worth $121,000 after purchasing an additional 2,591 shares during the last quarter. Bank of America Corp DE grew its holdings in Sagimet Biosciences by 344.1% during the 1st quarter. Bank of America Corp DE now owns 43,858 shares of the company’s stock valued at $229,000 after buying an additional 33,982 shares during the last quarter. Wellington Management Group LLP purchased a new position in Sagimet Biosciences during the second quarter worth $315,000. Dumac Inc. acquired a new position in shares of Sagimet Biosciences in the fourth quarter worth $421,000. Finally, AWM Investment Company Inc. acquired a new position in shares of Sagimet Biosciences in the second quarter worth $618,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases associated with abnormal lipid metabolism. The company’s primary focus is fatty acid synthase (FASN), an enzyme involved in the production of fatty acids that can contribute to disease progression in certain metabolic and inflammatory conditions.

Sagimet’s lead product candidate is denifanstat, formerly known as TVB-2640. Denifanstat is an orally administered, selective FASN inhibitor being evaluated primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can lead to fibrosis, cirrhosis and other serious complications.