HC Wainwright Brokers Increase Earnings Estimates for SGMT

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Equities research analysts at HC Wainwright raised their FY2029 earnings per share (EPS) estimates for shares of Sagimet Biosciences in a note issued to investors on Monday, October 5th. HC Wainwright analyst B. Folkes now anticipates that the company will post earnings per share of $0.89 for the year, up from their previous forecast of $0.81. HC Wainwright has a “Buy” rating and a $29.00 price target on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($1.17) per share. HC Wainwright also issued estimates for Sagimet Biosciences’ FY2030 earnings at $2.28 EPS.

A number of other analysts also recently weighed in on the stock. Citizens Jmp decreased their target price on shares of Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating for the company in a research report on Thursday, October 1st. Canaccord Genuity Group boosted their price target on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Barclays raised shares of Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $8.00 to $18.00 in a research note on Wednesday, September 9th. Citigroup reiterated a “market outperform” rating on shares of Sagimet Biosciences in a research report on Thursday, October 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Sagimet Biosciences in a research note on Thursday, October 1st. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Sagimet Biosciences has an average rating of “Moderate Buy” and a consensus target price of $26.63.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock opened at $8.76 on Tuesday. The stock’s 50 day moving average is $9.89 and its 200 day moving average is $7.83. The firm has a market cap of $544.52 million, a P/E ratio of -6.84 and a beta of 3.46. Sagimet Biosciences has a one year low of $4.50 and a one year high of $11.45.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01).

Institutional Trading of Sagimet Biosciences

Several hedge funds have recently modified their holdings of the stock. Baird Financial Group Inc. lifted 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 valued at $121,000 after acquiring an additional 2,591 shares during the period. Wellington Management Group LLP acquired a new stake in Sagimet Biosciences in the second quarter worth $315,000. Bank of America Corp DE increased its stake in Sagimet Biosciences by 344.1% in 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 in the last quarter. AWM Investment Company Inc. bought a new stake in Sagimet Biosciences in the second quarter valued at $618,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Sagimet Biosciences during the second quarter valued at about $1,551,000. Institutional investors own 87.86% of the company’s stock.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel sold 64,051 shares of Sagimet Biosciences 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 completion of the sale, the chief executive officer directly owned 741,570 shares in the company, valued at approximately $5,754,583.20. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director George Kemble sold 20,206 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the sale, the director owned 62,161 shares of the company’s stock, valued at approximately $618,501.95. The trade was a 24.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 113,646 shares of company stock valued at $920,491 over the last 90 days. Company insiders own 11.50% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company’s research is aimed at treating diseases associated with abnormal lipid metabolism and excess fat production.

Sagimet’s lead investigational product is denifanstat, an oral, selective FASN inhibitor formerly known as TVB-2640. The company is evaluating denifanstat primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can involve inflammation, fat accumulation and fibrosis.