Sagimet Biosciences (NASDAQ:SGMT) Earns “Buy” Rating from HC Wainwright

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They currently have a $32.00 price objective on the stock.

A number of other brokerages have also recently issued reports on SGMT. JMP Securities dropped their price objective on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 15th. The Goldman Sachs Group restated a “neutral” rating and set a $6.00 target price (down from $23.00) on shares of Sagimet Biosciences in a report on Friday, June 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $24.00.

Sagimet Biosciences Trading Up 12.6 %

NASDAQ SGMT opened at $3.12 on Wednesday. The stock has a 50-day simple moving average of $3.05 and a 200 day simple moving average of $3.90. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.09. As a group, equities analysts predict that Sagimet Biosciences will post -1.56 earnings per share for the current year.

Insider Buying and Selling at Sagimet Biosciences

In related news, General Counsel Elizabeth Rozek sold 10,914 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $33,833.40. Following the completion of the transaction, the general counsel now owns 160,506 shares of the company’s stock, valued at approximately $497,568.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, General Counsel Elizabeth Rozek sold 10,914 shares of Sagimet Biosciences stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $3.10, for a total transaction of $33,833.40. Following the sale, the general counsel now directly owns 160,506 shares of the company’s stock, valued at $497,568.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman George Kemble sold 23,625 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total transaction of $74,891.25. Following the completion of the transaction, the chairman now owns 118,693 shares of the company’s stock, valued at $376,256.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,958 shares of company stock valued at $178,224. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC bought a new position in shares of Sagimet Biosciences during the second quarter worth about $324,000. Federated Hermes Inc. lifted its position in shares of Sagimet Biosciences by 25.9% in the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock worth $233,000 after purchasing an additional 14,000 shares during the period. Ground Swell Capital LLC bought a new stake in shares of Sagimet Biosciences in the 2nd quarter valued at $78,000. Acadian Asset Management LLC increased its position in shares of Sagimet Biosciences by 96.0% during the second quarter. Acadian Asset Management LLC now owns 68,451 shares of the company’s stock worth $232,000 after buying an additional 33,522 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Sagimet Biosciences by 49.1% during the second quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock worth $265,000 after buying an additional 25,480 shares during the last quarter. 87.86% of the stock is owned by institutional investors and hedge funds.

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.