Sagimet Biosciences Inc. (NASDAQ:SGMT – Get Free Report)’s stock price dropped 5.1% during trading on Tuesday. The company traded as low as $9.39 and last traded at $9.4370. Approximately 71,801 shares traded hands during trading, a decline of 94% from the average daily volume of 1,165,842 shares. The stock had previously closed at $9.94.
Analyst Upgrades and Downgrades
A number of analysts have commented on the company. Barclays raised Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $8.00 to $18.00 in a report on Wednesday, September 9th. Citigroup reiterated a “market outperform” rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Cantor Fitzgerald began coverage on shares of Sagimet Biosciences in a research note on Wednesday, September 9th. They issued an “overweight” rating and a $10.71 price target for the company. Canaccord Genuity Group boosted their price objective on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. Nine research 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’s stock. Based on data from MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $25.34.
View Our Latest Stock Report on Sagimet Biosciences
Sagimet Biosciences Trading Down 6.4%
Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). On average, equities research analysts expect that Sagimet Biosciences Inc. will post -1.19 EPS for the current year.
Insider Buying and Selling at Sagimet Biosciences
In other Sagimet Biosciences news, insider Elizabeth Rozek sold 10,545 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total transaction of $81,829.20. Following the completion of the sale, the insider directly owned 224,414 shares of the company’s stock, valued at $1,741,452.64. This trade represents a 4.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 on Tuesday, August 11th. The shares were sold at an average price of $9.95, for a total transaction of $201,049.70. Following the completion of the sale, the director owned 62,161 shares in the company, valued at approximately $618,501.95. This represents a 24.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 113,646 shares of company stock valued at $920,491 in the last three months. 11.50% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Sagimet Biosciences
Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised 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 worth $1,415,000 after buying an additional 135,178 shares during the period. Bank of New York Mellon Corp bought a new position in Sagimet Biosciences during the 2nd quarter worth about $1,551,000. Seven Fleet Capital Management LP purchased a new position in Sagimet Biosciences during the 2nd quarter valued at about $3,119,000. Renaissance Technologies LLC increased its position in 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 purchasing an additional 282,969 shares during the period. Finally, AWM Investment Company Inc. bought a new stake in shares of Sagimet Biosciences in the 2nd quarter valued at about $618,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.
Sagimet Biosciences Company Profile
Sagimet Biosciences, Inc is a clinical-stage biopharmaceutical company developing therapies for diseases associated with abnormal lipid metabolism. The company’s primary focus is fatty acid synthase (FASN), an enzyme involved in the production of fatty acids that can contribute to disease progression in certain metabolic and inflammatory conditions.
Sagimet’s lead product candidate is denifanstat, formerly known as TVB-2640. Denifanstat is an orally administered, selective FASN inhibitor being evaluated primarily for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease that can lead to fibrosis, cirrhosis and other serious complications.
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