HC Wainwright Weighs in on Sagimet Biosciences Inc.’s Q2 2024 Earnings (NASDAQ:SGMT)

Sagimet Biosciences Inc. (NASDAQ:SGMTFree Report) – Equities research analysts at HC Wainwright increased their Q2 2024 earnings estimates for Sagimet Biosciences in a note issued to investors on Thursday, May 16th. HC Wainwright analyst E. Arce now anticipates that the company will post earnings per share of ($0.40) for the quarter, up from their previous forecast of ($0.41). HC Wainwright has a “Buy” rating and a $32.00 price objective on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($1.89) per share. HC Wainwright also issued estimates for Sagimet Biosciences’ Q3 2024 earnings at ($0.58) EPS, Q4 2024 earnings at ($0.93) EPS, FY2024 earnings at ($2.15) EPS, FY2025 earnings at ($5.09) EPS, FY2026 earnings at ($6.13) EPS, FY2027 earnings at ($5.47) EPS and FY2028 earnings at ($3.03) EPS.

Several other equities research analysts have also issued reports on the company. The Goldman Sachs Group lowered their price objective on Sagimet Biosciences from $27.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, May 16th. Leerink Partnrs restated an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. SVB Leerink began coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They set an “outperform” rating and a $26.00 price objective on the stock. Finally, JMP Securities reduced their target price on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a research note on Wednesday, February 7th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Sagimet Biosciences has a consensus rating of “Buy” and an average price target of $38.80.

Check Out Our Latest Stock Analysis on Sagimet Biosciences

Sagimet Biosciences Stock Up 1.1 %

Shares of NASDAQ:SGMT opened at $4.79 on Monday. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71. The company has a 50-day moving average price of $4.62 and a 200 day moving average price of $5.65.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel bought 12,100 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average cost of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the transaction, the chief executive officer now owns 639,200 shares in the company, valued at $3,368,584. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 17.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

Several institutional investors and hedge funds have recently modified their holdings of SGMT. FMR LLC purchased a new position in Sagimet Biosciences during the 3rd quarter worth $23,517,000. Vanguard Group Inc. grew its position in shares of Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after buying an additional 894,319 shares in the last quarter. Rock Springs Capital Management LP purchased a new position in shares of Sagimet Biosciences during the third quarter valued at $6,498,000. Ikarian Capital LLC bought a new stake in shares of Sagimet Biosciences in the first quarter valued at about $2,236,000. Finally, RTW Investments LP purchased a new stake in Sagimet Biosciences in the third quarter worth about $3,522,000. Institutional investors own 87.86% of the company’s stock.

About Sagimet Biosciences

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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.

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Earnings History and Estimates for Sagimet Biosciences (NASDAQ:SGMT)

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