Sagimet Biosciences (NASDAQ:SGMT) Earns Outperform Rating from Analysts at Wedbush

Wedbush initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report sent to investors on Monday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $28.00 price objective on the stock.

A number of other brokerages have also commented on SGMT. Canaccord Genuity Group initiated coverage on shares of Sagimet Biosciences in a research report on Thursday, July 24th. They set a “buy” rating and a $28.00 target price on the stock. Jones Trading increased their price objective on shares of Sagimet Biosciences from $15.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, HC Wainwright initiated coverage on shares of Sagimet Biosciences in a research note on Thursday, August 7th. They set a “buy” rating and a $29.00 price objective on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Sagimet Biosciences presently has a consensus rating of “Buy” and a consensus target price of $26.57.

Sagimet Biosciences Stock Performance

Shares of NASDAQ:SGMT opened at $9.58 on Monday. The firm has a market cap of $293.82 million, a PE ratio of -5.44 and a beta of 3.37. The firm’s 50 day simple moving average is $8.52 and its 200-day simple moving average is $5.22. Sagimet Biosciences has a one year low of $1.73 and a one year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.20. Equities research analysts predict that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Elizabeth Rozek sold 10,780 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $98,421.40. Following the transaction, the general counsel directly owned 183,726 shares in the company, valued at approximately $1,677,418.38. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eduardo Bruno Martins sold 8,277 shares of the firm’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $75,569.01. Following the completion of the sale, the insider owned 106,936 shares of the company’s stock, valued at approximately $976,325.68. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,535 shares of company stock worth $771,805. Corporate insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors have recently bought and sold shares of SGMT. American Century Companies Inc. acquired a new stake in Sagimet Biosciences in the fourth quarter valued at approximately $90,000. Geode Capital Management LLC boosted its stake in Sagimet Biosciences by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,938 shares in the last quarter. Wells Fargo & Company MN acquired a new stake in Sagimet Biosciences in the fourth quarter valued at approximately $31,000. Dimensional Fund Advisors LP acquired a new stake in Sagimet Biosciences in the fourth quarter valued at approximately $114,000. Finally, Jane Street Group LLC acquired a new stake in Sagimet Biosciences in the fourth quarter valued at approximately $249,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.