Sagimet Biosciences (NASDAQ:SGMT) Stock Keeps “Buy” Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Monday morning,Benzinga reports. They currently have a $29.00 target price on the stock.

SGMT has been the topic of several other reports. The Goldman Sachs Group assumed coverage on shares of Sagimet Biosciences in a research report on Thursday, September 24th. They set a “sell” rating and a $7.00 price objective on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a research report on Thursday. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $8.00 to $18.00 in a report on Wednesday, September 9th. Citizens Jmp reduced their price objective on Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating for the company in a research note on Thursday, October 1st. Finally, Oppenheimer raised their price objective on Sagimet Biosciences from $33.00 to $38.00 and gave the stock an “outperform” rating in a research report on Thursday, October 1st. Nine 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.63.

Sagimet Biosciences Price Performance

Shares of SGMT opened at $9.03 on Monday. Sagimet Biosciences has a one year low of $4.50 and a one year high of $11.45. The company has a 50-day moving average of $9.86 and a two-hundred day moving average of $7.80. The stock has a market cap of $561.30 million, a price-to-earnings ratio of -7.05 and a beta of 3.46.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Analysts anticipate that Sagimet Biosciences will post -1.17 earnings per share for the current year.

Insider Activity

In other news, insider Elizabeth Rozek sold 10,545 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 $81,829.20. Following the transaction, the insider directly owned 224,414 shares of the company’s stock, valued at approximately $1,741,452.64. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 the stock in a transaction 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 sale, the director owned 62,161 shares of the company’s stock, valued at approximately $618,501.95. This represents a 24.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 113,646 shares of company stock worth $920,491 in the last ninety days. Corporate insiders own 11.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its holdings in shares of Sagimet Biosciences by 82.6% during 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 last quarter. Seven Fleet Capital Management LP acquired a new position in Sagimet Biosciences in the second quarter worth approximately $3,119,000. Bank of New York Mellon Corp acquired a new position in Sagimet Biosciences in the second quarter worth approximately $1,551,000. Dimensional Fund Advisors LP raised its position in Sagimet Biosciences by 99.4% during the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after acquiring an additional 135,178 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new stake in Sagimet Biosciences in the second quarter valued at approximately $618,000. 87.86% of the stock is owned by institutional investors and hedge funds.

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.