Sagimet Biosciences (NASDAQ:SGMT) PT Lowered to $32.00 at JMP Securities

Sagimet Biosciences (NASDAQ:SGMT) had its price objective lowered by JMP Securities from $48.00 to $32.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a market outperform rating on the stock.

SGMT has been the subject of a number of other reports. The Goldman Sachs Group restated a neutral rating and set a $6.00 target price (down from $23.00) on shares of Sagimet Biosciences in a report on Friday, June 28th. HC Wainwright reaffirmed a buy rating and set a $32.00 target price on shares of Sagimet Biosciences in a research note on Thursday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $24.00.

Sagimet Biosciences Stock Down 0.4 %

NASDAQ SGMT opened at $2.75 on Thursday. The firm’s 50-day moving average is $3.43 and its two-hundred day moving average is $4.73. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.09. On average, equities analysts anticipate that Sagimet Biosciences will post -1.76 EPS for the current year.

Insider Transactions at Sagimet Biosciences

In related news, Chairman George Kemble sold 14,062 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $43,592.20. Following the sale, the chairman now owns 142,318 shares of the company’s stock, valued at $441,185.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman George Kemble sold 14,062 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $3.10, for a total transaction of $43,592.20. Following the sale, the chairman now owns 142,318 shares of the company’s stock, valued at approximately $441,185.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eduardo Bruno Martins sold 8,357 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $25,906.70. Following the completion of the transaction, the insider now directly owns 81,213 shares of the company’s stock, valued at $251,760.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,958 shares of company stock valued at $178,224. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.