Sagimet Biosciences Inc. Forecasted to Post Q1 2024 Earnings of ($0.41) Per Share (NASDAQ:SGMT)

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Research analysts at HC Wainwright issued their Q1 2024 EPS estimates for shares of Sagimet Biosciences in a note issued to investors on Thursday, May 2nd. HC Wainwright analyst E. Arce forecasts that the company will post earnings of ($0.41) per share for the quarter. HC Wainwright currently has a “Buy” rating and a $32.00 target price on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($2.17) per share. HC Wainwright also issued estimates for Sagimet Biosciences’ Q2 2024 earnings at ($0.41) EPS, Q3 2024 earnings at ($0.59) EPS, Q4 2024 earnings at ($0.94) EPS, FY2024 earnings at ($2.37) EPS, FY2025 earnings at ($5.47) EPS, FY2026 earnings at ($5.69) EPS and FY2027 earnings at ($5.09) EPS.

A number of other equities analysts also recently commented on SGMT. JMP Securities cut their price objective on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a report on Wednesday, February 7th. SVB Leerink assumed coverage on shares of Sagimet Biosciences in a report on Monday, March 25th. They issued an “outperform” rating and a $26.00 price target on the stock. The Goldman Sachs Group reduced their price target on shares of Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Finally, Leerink Partnrs reissued an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $39.60.

Sagimet Biosciences Trading Up 1.2 %

Shares of Sagimet Biosciences stock opened at $4.33 on Monday. The business’s fifty day moving average price is $4.92 and its 200 day moving average price is $5.61. Sagimet Biosciences has a twelve month low of $2.13 and a twelve month high of $20.71.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC acquired a new stake in shares of Sagimet Biosciences in the 3rd quarter valued at about $23,517,000. Rock Springs Capital Management LP acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at approximately $6,498,000. RTW Investments LP bought a new position in Sagimet Biosciences during the third quarter worth $3,522,000. Platinum Investment Management Ltd. acquired a new position in Sagimet Biosciences in the third quarter worth $3,378,000. Finally, CHI Advisors LLC bought a new stake in Sagimet Biosciences during the third quarter valued at $3,070,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Insider Buying and Selling

In other 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 purchase, the chief executive officer now owns 639,200 shares of the company’s stock, valued at $3,368,584. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 17.60% of the stock is currently owned by corporate insiders.

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.