Sagimet Biosciences Inc. (NASDAQ:SGMT – Get Free Report) shares dropped 6.3% during mid-day trading on Tuesday. The stock traded as low as $8.17 and last traded at $8.25. 679,902 shares were traded during trading, a decline of 43% from the average daily volume of 1,192,153 shares. The stock had previously closed at $8.80.
Wall Street Analyst Weigh In
SGMT has been the subject of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Sagimet Biosciences in a research note on Thursday, October 1st. Wall Street Zen downgraded Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Guggenheim increased their price target on Sagimet Biosciences from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, October 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Friday, July 17th. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research report on Monday, October 5th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.63.
View Our Latest Analysis on SGMT
Sagimet Biosciences Stock Down 5.4%
Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, equities analysts anticipate that Sagimet Biosciences Inc. will post -1.14 earnings per share for the current year.
Insider Buying and Selling at Sagimet Biosciences
In other news, insider Elizabeth Rozek sold 10,545 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $81,829.20. Following the transaction, the insider directly owned 224,414 shares in the company, valued at $1,741,452.64. The trade was a 4.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the sale, the director owned 62,161 shares of the company’s stock, valued at approximately $618,501.95. The trade was a 24.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 113,646 shares of company stock worth $920,491. Corporate insiders own 11.50% of the company’s stock.
Hedge Funds Weigh In On Sagimet Biosciences
Several institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Sagimet Biosciences by 99.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after buying an additional 135,178 shares during the period. Seven Fleet Capital Management LP purchased a new position in Sagimet Biosciences in the second quarter worth approximately $3,119,000. Bank of New York Mellon Corp purchased a new position in Sagimet Biosciences in the second quarter worth approximately $1,551,000. Renaissance Technologies LLC grew its position in Sagimet Biosciences by 82.6% in the first quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after acquiring an additional 282,969 shares during the period. Finally, AWM Investment Company Inc. acquired a new stake in Sagimet Biosciences during the second quarter worth $618,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.
Sagimet Biosciences Company Profile
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.
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