Sagimet Biosciences (NASDAQ:SGMT) Rating Reiterated by HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Thursday morning, Benzinga reports. HC Wainwright currently has a $32.00 price objective on the stock.

SGMT has been the topic of several other reports. JMP Securities reaffirmed a market outperform rating and set a $48.00 price objective on shares of Sagimet Biosciences in a research report on Friday, June 7th. The Goldman Sachs Group restated a neutral rating and set a $6.00 price target (down from $23.00) on shares of Sagimet Biosciences in a research report on Friday, June 28th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Sagimet Biosciences currently has an average rating of Moderate Buy and a consensus target price of $24.00.

Sagimet Biosciences Stock Performance

Shares of Sagimet Biosciences stock opened at $2.75 on Thursday. The business has a 50 day moving average of $3.43 and a 200 day moving average of $4.73. Sagimet Biosciences has a 52 week low of $2.13 and a 52 week high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.09. As a group, equities research analysts forecast that Sagimet Biosciences will post -1.76 EPS for the current fiscal year.

Insider Activity

In related news, Chairman George Kemble sold 23,625 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total value of $74,891.25. Following the sale, the chairman now owns 118,693 shares in the company, valued at approximately $376,256.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman George Kemble sold 23,625 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total value of $74,891.25. Following the sale, the chairman now directly owns 118,693 shares of the company’s stock, valued at $376,256.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Eduardo Bruno Martins sold 8,357 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $25,906.70. Following the transaction, the insider now owns 81,213 shares of the company’s stock, valued at $251,760.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,958 shares of company stock worth $178,224. Insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SGMT. ORG Partners LLC purchased a new position in Sagimet Biosciences in the 2nd quarter worth approximately $43,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Sagimet Biosciences in the second quarter worth $51,000. American International Group Inc. lifted its holdings in shares of Sagimet Biosciences by 312.0% during the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after purchasing an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in shares of Sagimet Biosciences during the first quarter valued at $72,000. Finally, Ground Swell Capital LLC bought a new stake in Sagimet Biosciences in the 2nd quarter worth about $78,000. 87.86% of the stock is owned by hedge funds and other institutional investors.

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.