Sagimet Biosciences (NASDAQ:SGMT) Shares Climb 6.1% – Time to Buy?

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) were up 6.1% during trading on Monday. The stock traded as high as $9.81 and last traded at $9.8070. 701,409 shares traded hands during trading, a decline of 40% from the average session volume of 1,168,464 shares. The stock had previously closed at $9.24.

Analyst Ratings Changes

Several research firms recently commented on SGMT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Citigroup reissued a “market outperform” rating on shares of Sagimet Biosciences in a research report on Friday, August 14th. Citizens Jmp upped their target price on Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research report on Friday, August 14th. Barclays raised Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $18.00 in a report on Wednesday, September 9th. Finally, Cantor Fitzgerald assumed coverage on shares of Sagimet Biosciences in a research report on Wednesday, September 9th. They issued an “overweight” rating and a $10.71 price objective for the company. Nine 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’s stock. According to data from MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $25.34.

Sagimet Biosciences Stock Down 6.1%

The stock has a market cap of $579.94 million, a PE ratio of -7.29 and a beta of 3.45. The business has a 50 day moving average price of $9.68 and a 200 day moving average price of $7.68.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). On average, research analysts predict that Sagimet Biosciences Inc. will post -1.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO David Happel sold 64,051 shares of the firm’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total transaction of $497,035.76. Following the sale, the chief executive officer owned 741,570 shares in the company, valued at approximately $5,754,583.20. This trade represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 dated Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total transaction of $201,049.70. Following the completion of the transaction, the director owned 62,161 shares of the company’s stock, valued at approximately $618,501.95. This trade represents a 24.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 113,646 shares of company stock valued at $920,491. Corporate insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Large investors have recently bought and sold shares of the business. Baird Financial Group Inc. grew its holdings in Sagimet Biosciences by 19.8% in the second quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock valued at $121,000 after purchasing an additional 2,591 shares during the period. Bank of America Corp DE lifted its position in shares of Sagimet Biosciences by 344.1% during the 1st quarter. Bank of America Corp DE now owns 43,858 shares of the company’s stock valued at $229,000 after buying an additional 33,982 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Sagimet Biosciences during the 2nd quarter valued at approximately $315,000. Dumac Inc. acquired a new stake in Sagimet Biosciences in the 4th quarter valued at $421,000. Finally, AWM Investment Company Inc. purchased a new stake in Sagimet Biosciences in the 2nd quarter worth $618,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

About Sagimet Biosciences

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.