62,477 Shares in Sagimet Biosciences Inc. $SGMT Bought by Inspire Investing LLC

Inspire Investing LLC purchased a new position in Sagimet Biosciences Inc. (NASDAQ:SGMT) in the third quarter, HoldingsChannel.com reports. The firm purchased 62,477 shares of the company’s stock, valued at approximately $617,000.

Several other large investors also recently bought and sold shares of the company. Baird Financial Group Inc. raised its stake in shares of Sagimet Biosciences by 19.8% during the second quarter. Baird Financial Group Inc. now owns 15,677 shares of the company’s stock valued at $121,000 after purchasing an additional 2,591 shares during the period. T3 Companies LLC purchased a new position in shares of Sagimet Biosciences in the third quarter valued at $106,000. Bank of America Corp DE boosted its stake in shares of Sagimet Biosciences by 344.1% in the first quarter. Bank of America Corp DE now owns 43,858 shares of the company’s stock valued at $229,000 after purchasing an additional 33,982 shares during the period. Wellington Management Group LLP acquired a new stake in Sagimet Biosciences during the 2nd quarter valued at $315,000. Finally, AWM Investment Company Inc. acquired a new stake in Sagimet Biosciences during the 2nd quarter valued at $618,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Price Performance

SGMT opened at $9.92 on Friday. Sagimet Biosciences Inc. has a 12-month low of $4.50 and a 12-month high of $11.45. The stock has a market capitalization of $616.63 million, a PE ratio of -7.75 and a beta of 3.46. The firm’s fifty day moving average price is $9.93 and its 200 day moving average price is $7.48.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). On average, equities research analysts forecast that Sagimet Biosciences Inc. will post -1.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SGMT shares. Canaccord Genuity Group lifted their price target on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Guggenheim lifted their target price on Sagimet Biosciences from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, October 2nd. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Monday, October 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Finally, Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.63.

Insider Transactions at Sagimet Biosciences

In other Sagimet Biosciences news, Director George Kemble sold 20,206 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total transaction of $201,049.70. Following the sale, the director owned 62,161 shares in the company, valued at $618,501.95. This represents a 24.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 11.50% of the stock is owned by insiders.

Sagimet Biosciences Profile

Sagimet Biosciences, Inc (NASDAQ:SGMT) is a clinical-stage biopharmaceutical company developing therapies that target fatty acid synthase (FASN), an enzyme involved in the production of fatty acids. The company is focused on using FASN inhibition to address metabolic, inflammatory and oncological diseases for which additional treatment options are needed.

Sagimet’s lead investigational product is denifanstat, an orally administered, selective FASN inhibitor formerly known as TVB-2640. The company has primarily advanced denifanstat as a potential treatment for metabolic dysfunction-associated steatohepatitis (MASH), a chronic liver disease associated with liver inflammation and fibrosis.