Sagimet Biosciences (NASDAQ:SGMT) Shares Cross Above 50 Day Moving Average – What’s Next?

Sagimet Biosciences Inc. (NASDAQ:SGMT) shares passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $9.94 and traded as high as $10.48. Sagimet Biosciences shares last traded at $10.42, with a volume of 1,108,685 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SGMT. Guggenheim increased their price objective on Sagimet Biosciences from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. Citigroup reissued a “market outperform” rating on shares of Sagimet Biosciences in a research note on Thursday, October 1st. Canaccord Genuity Group lifted their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Monday, October 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sagimet Biosciences has an average rating of “Moderate Buy” and an average price target of $26.63.

Sagimet Biosciences Trading Up 9.0%

The stock’s 50-day moving average is $9.94 and its two-hundred day moving average is $7.42.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). As a group, analysts expect that Sagimet Biosciences Inc. will post -1.14 earnings per share for the current fiscal year.

Insider Activity at Sagimet Biosciences

In other news, Director George Kemble sold 20,206 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total transaction of $201,049.70. Following the completion of the transaction, the director directly owned 62,161 shares in the company, valued at $618,501.95. This trade represents a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 11.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its holdings in shares of Sagimet Biosciences by 99.4% in the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after purchasing an additional 135,178 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in Sagimet Biosciences during the 2nd quarter worth approximately $3,119,000. Bank of New York Mellon Corp acquired a new stake in Sagimet Biosciences during the 2nd quarter worth approximately $1,551,000. Renaissance Technologies LLC boosted its position in Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock valued at $3,268,000 after buying an additional 282,969 shares during the period. Finally, AWM Investment Company Inc. purchased a new position in Sagimet Biosciences in the 2nd quarter valued at approximately $618,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Company Profile

Sagimet Biosciences, Inc (NASDAQ:SGMT) is a clinical-stage biopharmaceutical company developing therapies that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company is focused on using FASN inhibition to address metabolic, inflammatory and oncological diseases for which additional treatment options are needed.

Sagimet’s lead investigational product is denifanstat, an orally administered, selective FASN inhibitor formerly known as TVB-2640. The company has primarily advanced denifanstat as a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease associated with liver inflammation and fibrosis.