Sagimet Biosciences Inc. Expected to Post Q1 2024 Earnings of ($0.41) Per Share (NASDAQ:SGMT)

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Investment analysts at HC Wainwright issued their Q1 2024 EPS estimates for Sagimet Biosciences in a research report issued on Thursday, May 2nd. HC Wainwright analyst E. Arce forecasts that the company will post earnings of ($0.41) per share for the quarter. HC Wainwright has a “Buy” rating and a $32.00 price objective on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($2.17) per share. HC Wainwright also issued estimates for Sagimet Biosciences’ Q2 2024 earnings at ($0.41) EPS, Q3 2024 earnings at ($0.59) EPS, Q4 2024 earnings at ($0.94) EPS, FY2024 earnings at ($2.37) EPS, FY2025 earnings at ($5.47) EPS, FY2026 earnings at ($5.69) EPS and FY2027 earnings at ($5.09) EPS.

Several other research firms have also recently issued reports on SGMT. JMP Securities cut their price objective on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating for the company in a research report on Wednesday, February 7th. SVB Leerink began coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They set an “outperform” rating and a $26.00 price objective on the stock. Leerink Partnrs reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Monday, March 25th. Finally, The Goldman Sachs Group decreased their price target on Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $39.60.

Sagimet Biosciences Trading Down 2.9 %

NASDAQ SGMT opened at $4.32 on Monday. The business’s 50 day moving average is $5.03 and its two-hundred day moving average is $5.62. Sagimet Biosciences has a 12-month low of $2.13 and a 12-month high of $20.71.

Institutional Trading of Sagimet Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. New York State Common Retirement Fund acquired a new stake in shares of Sagimet Biosciences during the third quarter worth $56,000. Victory Capital Management Inc. purchased a new stake in Sagimet Biosciences in the 3rd quarter valued at about $158,000. Teacher Retirement System of Texas acquired a new position in shares of Sagimet Biosciences during the 3rd quarter valued at about $220,000. Federated Hermes Inc. increased its stake in shares of Sagimet Biosciences by 24.7% during the 4th quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock valued at $527,000 after acquiring an additional 19,276 shares during the last quarter. Finally, Silverarc Capital Management LLC purchased a new position in shares of Sagimet Biosciences during the 3rd quarter worth about $880,000. 87.86% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO David Happel bought 12,100 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, March 26th. The shares were purchased at an average price of $5.27 per share, with a total value of $63,767.00. Following the purchase, the chief executive officer now owns 639,200 shares in the company, valued at $3,368,584. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 17.60% of the company’s stock.

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.