Sagimet Biosciences (NASDAQ:SGMT) Stock Bumped Up to Strong Sell by The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Sagimet Biosciences (NASDAQ:SGMT) to a strong sell rating in a report released on Thursday morning,Zacks reports.

Other equities analysts have also issued reports about the company. Cantor Fitzgerald assumed coverage on Sagimet Biosciences in a report on Wednesday, September 9th. They set an “overweight” rating and a $10.71 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research note on Friday, August 14th. Citizens Jmp upped their price objective on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a report on Friday, August 14th. Finally, Wall Street Zen lowered shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.34.

Sagimet Biosciences Trading Down 12.6%

SGMT stock opened at $9.11 on Thursday. Sagimet Biosciences has a 1-year low of $4.50 and a 1-year high of $11.45. The stock has a market cap of $566.28 million, a P/E ratio of -7.12 and a beta of 3.45. The stock’s fifty day simple moving average is $9.55 and its two-hundred day simple moving average is $7.60.

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

Insider Activity at Sagimet Biosciences

In other news, CEO David Happel sold 64,051 shares of the company’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $497,035.76. Following the transaction, the chief executive officer owned 741,570 shares of the company’s stock, valued at approximately $5,754,583.20. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 Sagimet Biosciences stock in a transaction 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 sale, the insider directly owned 224,414 shares of the company’s stock, valued at $1,741,452.64. This represents a 4.49% decrease in their position. 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. Over the last 90 days, insiders sold 113,646 shares of company stock valued at $920,491. Corporate insiders own 11.50% of the company’s stock.

Institutional Trading of Sagimet Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Baird Financial Group Inc. grew its holdings in shares of Sagimet Biosciences by 19.8% during the second 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 in the last quarter. Bank of America Corp DE lifted its position in Sagimet Biosciences by 344.1% during the first quarter. Bank of America Corp DE now owns 43,858 shares of the company’s stock valued at $229,000 after purchasing an additional 33,982 shares during the last quarter. Wellington Management Group LLP purchased a new position in Sagimet Biosciences in the 2nd quarter worth approximately $315,000. Dumac Inc. bought a new position in shares of Sagimet Biosciences in the 4th quarter worth $421,000. Finally, AWM Investment Company Inc. bought a new position in shares of Sagimet Biosciences in the 2nd quarter worth $618,000. Hedge funds and other institutional investors 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.