Sagimet Biosciences Inc. (NASDAQ:SGMT) CEO David Happel Sells 65,478 Shares

Sagimet Biosciences Inc. (NASDAQ:SGMT) CEO David Happel sold 65,478 shares of Sagimet Biosciences stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $9.13, for a total value of $597,814.14. Following the completion of the transaction, the chief executive officer owned 689,722 shares in the company, valued at approximately $6,297,161.86. This represents a 8.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Sagimet Biosciences Trading Down 0.1%

Shares of NASDAQ:SGMT opened at $9.59 on Thursday. The company has a market capitalization of $294.13 million, a PE ratio of -5.45 and a beta of 3.35. Sagimet Biosciences Inc. has a 12-month low of $1.73 and a 12-month high of $10.43. The business has a 50 day moving average of $6.67 and a two-hundred day moving average of $4.72.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Thursday, May 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.23. Equities research analysts predict that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

Several large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN acquired a new position in shares of Sagimet Biosciences during the 4th quarter valued at $31,000. Persistent Asset Partners Ltd acquired a new position in Sagimet Biosciences in the 1st quarter valued at approximately $35,000. XTX Topco Ltd bought a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $35,000. Summit Financial Wealth Advisors LLC bought a new stake in shares of Sagimet Biosciences in the 4th quarter valued at approximately $61,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $49,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Jones Trading raised their price objective on Sagimet Biosciences from $15.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $26.60.

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.