Canaccord Genuity Group Initiates Coverage on Sagimet Biosciences (NASDAQ:SGMT)

Canaccord Genuity Group initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm set a “buy” rating and a $28.00 price target on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 173.30% from the company’s current price.

Separately, Jones Trading lifted their target price on Sagimet Biosciences from $15.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $26.83.

Sagimet Biosciences Trading Up 6.8%

Shares of SGMT stock traded up $0.66 during mid-day trading on Thursday, reaching $10.25. The stock had a trading volume of 992,514 shares, compared to its average volume of 1,143,728. The business’s fifty day moving average is $6.67 and its 200-day moving average is $4.72. The firm has a market cap of $314.21 million, a price-to-earnings ratio of -5.90 and a beta of 3.35. Sagimet Biosciences has a 1-year low of $1.73 and a 1-year high of $10.99.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Thursday, May 8th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.23. On average, analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Activity

In other news, insider Eduardo Bruno Martins sold 8,277 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $75,569.01. Following the sale, the insider owned 106,936 shares of the company’s stock, valued at approximately $976,325.68. The trade was a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David Happel sold 65,478 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction 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 trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,535 shares of company stock worth $771,805 over the last ninety days. Corporate insiders own 14.70% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

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

Sagimet Biosciences Company Profile

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.