Leerink Partnrs Weighs in on Sagimet Biosciences Inc.’s FY2023 Earnings (NASDAQ:SGMT)

Sagimet Biosciences Inc. (NASDAQ:SGMT) – Leerink Partnrs issued their FY2023 earnings estimates for Sagimet Biosciences in a report released on Monday, March 25th. Leerink Partnrs analyst T. Smith expects that the company will earn ($1.33) per share for the year. Leerink Partnrs currently has a “Outperform” rating on the stock. The consensus estimate for Sagimet Biosciences’ current full-year earnings is ($2.15) per share. Leerink Partnrs also issued estimates for Sagimet Biosciences’ Q4 2023 earnings at ($0.47) 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.

Several other equities analysts have also recently issued reports on SGMT. JMP Securities reduced their price target on shares of 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. 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. Finally, SVB Leerink began coverage on shares of Sagimet Biosciences in a research report on Monday. They set an “outperform” rating and a $26.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $41.50.

Sagimet Biosciences Stock Down 5.4 %

Shares of NASDAQ:SGMT opened at $5.42 on Wednesday. The company has a 50-day moving average price of $7.49 and a 200-day moving average price of $6.44. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas bought a new position in Sagimet Biosciences in the third quarter worth approximately $220,000. Platinum Investment Management Ltd. bought a new position in Sagimet Biosciences in the third quarter worth approximately $3,378,000. Victory Capital Management Inc. bought a new position in Sagimet Biosciences in the third quarter worth approximately $158,000. New York State Common Retirement Fund bought a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at $56,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Sagimet Biosciences during the 3rd quarter valued at $111,000. Institutional investors own 87.86% of the company’s stock.

Insiders Place Their Bets

In other news, CEO David Happel purchased 12,100 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average price of $5.27 per share, for a total transaction of $63,767.00. Following the completion of the acquisition, the chief executive officer now directly owns 639,200 shares in the company, valued at approximately $3,368,584. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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 lipid metabolism pathways. Its lead drug candidate is Denifanstat, a FASN inhibitor for the treatment of nonalcoholic steatohepatitis and acne.