Sagimet Biosciences (NASDAQ:SGMT) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reissued their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $32.00 price objective on the stock.

Several other research analysts also recently weighed in on SGMT. Leerink Partnrs reiterated an outperform rating on shares of Sagimet Biosciences in a research note on Monday, March 25th. JMP Securities reiterated a market outperform rating and issued a $48.00 price objective on shares of Sagimet Biosciences in a research report on Friday, June 7th. The Goldman Sachs Group dropped their price objective on shares of Sagimet Biosciences from $27.00 to $23.00 and set a buy rating on the stock in a research note on Thursday, May 16th. Finally, SVB Leerink began coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They issued an outperform rating and a $26.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $39.20.

Sagimet Biosciences Trading Down 13.6 %

Shares of NASDAQ:SGMT opened at $4.14 on Friday. Sagimet Biosciences has a 1-year low of $2.13 and a 1-year high of $20.71. The firm has a fifty day moving average price of $4.63 and a 200 day moving average price of $5.86.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Wednesday, May 15th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.18. On average, research analysts forecast that Sagimet Biosciences will post -1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO David Happel bought 12,100 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the transaction, the chief executive officer now owns 639,200 shares of the company’s stock, valued at $3,368,584. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 17.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund purchased a new stake in shares of Sagimet Biosciences during the 3rd quarter worth approximately $56,000. American International Group Inc. raised its holdings in Sagimet Biosciences by 312.0% during the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after purchasing an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new position in Sagimet Biosciences during the first quarter worth $72,000. Price T Rowe Associates Inc. MD purchased a new stake in Sagimet Biosciences during the first quarter worth $91,000. Finally, Victory Capital Management Inc. acquired a new stake in Sagimet Biosciences in the third quarter valued at $158,000. 87.86% of the stock is 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.