Sagimet Biosciences Inc. (NASDAQ:SGMT) to Post Q1 2024 Earnings of ($0.41) Per Share, HC Wainwright Forecasts

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Equities 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.

Several other equities analysts also recently commented on SGMT. JMP Securities dropped their target price on Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating for the company in a research report on Wednesday, February 7th. The Goldman Sachs Group dropped 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, March 26th. Leerink Partnrs reiterated an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. Finally, SVB Leerink began coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They issued an “outperform” rating and a $26.00 price target for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Sagimet Biosciences currently has an average rating of “Buy” and a consensus target price of $39.60.

Sagimet Biosciences Stock Performance

SGMT opened at $4.28 on Monday. The company’s 50 day moving average is $4.98 and its 200-day moving average is $5.61. Sagimet Biosciences has a 1-year low of $2.13 and a 1-year high of $20.71.

Institutional Trading of Sagimet Biosciences

Large investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund bought a new stake in shares of Sagimet Biosciences in the third quarter valued at approximately $56,000. Victory Capital Management Inc. bought a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at about $158,000. Federated Hermes Inc. grew its stake in Sagimet Biosciences by 24.7% in the 4th quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after buying an additional 19,276 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Sagimet Biosciences in the third quarter worth $220,000. Finally, Silverarc Capital Management LLC purchased a new position in shares of Sagimet Biosciences in the 3rd quarter worth about $880,000. 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 Sagimet Biosciences stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the purchase, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 17.60% of the stock is currently owned by company insiders.

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.