HC Wainwright Reaffirms Buy Rating for Sagimet Biosciences (NASDAQ:SGMT)

HC Wainwright reissued their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note published on Thursday, Benzinga reports. HC Wainwright currently has a $32.00 target price on the stock.

Other analysts have also recently issued research reports about the stock. JMP Securities reiterated a market outperform rating and issued a $48.00 price objective on shares of Sagimet Biosciences in a research note on Friday, June 7th. The Goldman Sachs Group reiterated a neutral rating and set a $6.00 price target (down from $23.00) on shares of Sagimet Biosciences in a research report on Friday, June 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $24.00.

Sagimet Biosciences Trading Down 0.4 %

NASDAQ SGMT opened at $2.75 on Thursday. The business’s 50 day moving average is $3.43 and its two-hundred day moving average is $4.80. Sagimet Biosciences has a 12-month low of $2.13 and a 12-month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.09. Research analysts anticipate that Sagimet Biosciences will post -1.76 earnings per share for the current year.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, Chairman George Kemble sold 23,625 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total value of $74,891.25. Following the sale, the chairman now owns 118,693 shares of the company’s stock, valued at $376,256.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman George Kemble sold 23,625 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total value of $74,891.25. Following the completion of the transaction, the chairman now directly owns 118,693 shares of the company’s stock, valued at $376,256.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Elizabeth Rozek sold 10,914 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $33,833.40. Following the completion of the sale, the general counsel now owns 160,506 shares in the company, valued at $497,568.60. The disclosure for this sale can be found here. In the last three months, insiders sold 56,958 shares of company stock worth $178,224. 17.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Sagimet Biosciences by 364.9% during the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after acquiring an additional 894,319 shares during the last quarter. Ikarian Capital LLC purchased a new position in shares of Sagimet Biosciences during the 1st quarter worth $2,236,000. Federated Hermes Inc. lifted its stake in shares of Sagimet Biosciences by 24.7% during the 4th quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after purchasing an additional 19,276 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Sagimet Biosciences during the second quarter worth $324,000. Finally, Victory Capital Management Inc. grew its position in shares of Sagimet Biosciences by 49.1% in the second quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock valued at $265,000 after purchasing an additional 25,480 shares during the period. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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.