Sagimet Biosciences (NASDAQ:SGMT) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Sagimet Biosciences (NASDAQ:SGMT) from a hold rating to a sell rating in a report published on Saturday morning.

Several other research firms have also issued reports on SGMT. Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Wednesday, October 8th. HC Wainwright upgraded Sagimet Biosciences to a “buy” rating and set a $29.00 price target on the stock in a research report on Thursday, August 7th. Wedbush assumed coverage on Sagimet Biosciences in a research report on Monday, August 11th. They set an “outperform” rating and a $28.00 price target on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $28.00 price target on shares of Sagimet Biosciences in a research report on Thursday, October 2nd. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.67.

Sagimet Biosciences Stock Down 1.0%

NASDAQ SGMT opened at $7.60 on Friday. The company’s 50 day moving average is $7.46 and its 200-day moving average is $6.18. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41. The firm has a market cap of $247.15 million, a P/E ratio of -4.15 and a beta of 3.23.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.20. Equities analysts expect that Sagimet Biosciences will post -1.6 EPS for the current year.

Insider Transactions at Sagimet Biosciences

In other news, CEO David Happel sold 65,478 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $6,297,161.86. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Elizabeth Rozek sold 10,780 shares of the business’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $9.13, for a total value of $98,421.40. Following the transaction, the general counsel directly owned 183,726 shares of the company’s stock, valued at $1,677,418.38. The trade was a 5.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 84,535 shares of company stock valued at $771,805. 14.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SGMT. XTX Topco Ltd purchased a new position in shares of Sagimet Biosciences during the first quarter worth about $35,000. Persistent Asset Partners Ltd purchased a new position in shares of Sagimet Biosciences during the first quarter worth about $35,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Sagimet Biosciences during the second quarter worth about $41,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Sagimet Biosciences during the first quarter worth about $49,000. Finally, Jasper Ridge Partners L.P. purchased a new position in shares of Sagimet Biosciences during the first quarter worth about $62,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.