Sagimet Biosciences (NASDAQ:SGMT) Rating Reiterated by Leerink Partnrs

Leerink Partnrs restated their outperform rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for Sagimet Biosciences’ Q4 2023 earnings at ($0.47) EPS, FY2023 earnings at ($1.33) EPS, Q1 2024 earnings at ($0.44) EPS, Q2 2024 earnings at ($0.43) EPS, Q3 2024 earnings at ($0.56) EPS, Q4 2024 earnings at ($0.79) EPS, FY2024 earnings at ($2.23) EPS, FY2025 earnings at ($3.46) EPS, FY2026 earnings at ($4.91) EPS, FY2027 earnings at ($6.94) EPS and FY2028 earnings at ($5.56) EPS.

SGMT has been the topic of several other reports. JMP Securities lowered their price target on Sagimet Biosciences from $47.00 to $46.00 and set a market outperform rating on the stock in a research report on Wednesday, February 7th. SVB Leerink started coverage on shares of Sagimet Biosciences in a research note on Monday. They set an outperform rating and a $26.00 target price for the company. Finally, The Goldman Sachs Group decreased their price objective on shares of Sagimet Biosciences from $37.00 to $27.00 and set a buy rating for the company in a report on Tuesday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $41.50.

Sagimet Biosciences Stock Performance

Shares of NASDAQ:SGMT opened at $5.42 on Monday. The stock’s fifty day simple moving average is $7.49 and its 200-day simple moving average is $6.44. Sagimet Biosciences has a 52-week low of $2.13 and a 52-week high of $20.71.

Insiders Place Their Bets

In related news, CEO David Happel bought 12,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were bought at an average price of $5.27 per share, with a total value of $63,767.00. Following the completion of the transaction, the chief executive officer now directly owns 639,200 shares in the company, valued at $3,368,584. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of Sagimet Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Group AG purchased a new position in shares of Sagimet Biosciences in the 3rd quarter worth about $26,000. Barclays PLC purchased a new stake in Sagimet Biosciences during the 4th quarter valued at about $41,000. Rhumbline Advisers purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at about $48,000. New York State Common Retirement Fund purchased a new stake in Sagimet Biosciences during the 3rd quarter valued at about $56,000. Finally, Virtu Financial LLC purchased a new stake in Sagimet Biosciences during the 4th quarter valued at about $67,000. 87.86% of the stock is currently owned by 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 lipid metabolism pathways. Its lead drug candidate is Denifanstat, a FASN inhibitor for the treatment of nonalcoholic steatohepatitis and acne.