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Taking a look at what insiders are doing to gauge the Sagimet Biosciences Inc (SGMT)’s direction

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Sagimet Biosciences Inc shares valued at $63,731 were purchased by Happel David on Mar 26 ’24. At $5.27 per share, Happel David acquired 12,100 shares. The insider’s holdings grew to 639,200 shares worth approximately $1.88 million following the completion of this transaction.

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Also, Happel David purchased 1,600 shares, netting a total of over 6,560 in proceeds. Following the buying of shares at $4.10 each, the insider now holds 627,100 shares.

Before that, Happel David had added 590 shares to its account. In a trade valued at $1,386, the President & CEO bought Sagimet Biosciences Inc shares for $2.35 each. Upon closing the transaction, the insider’s holdings increased to 590 shares, worth approximately $1734.6.

As published in a research note from Goldman on June 28, 2024, Sagimet Biosciences Inc [SGMT] has been rated down from a Buy to a Neutral and the price target has been revised to $6 from $23. Analysts at H.C. Wainwright started covering the stock with ‘”a Buy”‘ outlook in a report released in early May. As of March 25, 2024, Leerink Partners has initiated its “an Outperform” rating for SGMT. Earlier on August 08, 2023, TD Cowen initiated its rating. Their recommendation was “an Outperform” for SGMT stock.

Analyzing SGMT Stock Performance

During the last five days, there has been a drop of approximately -25.38%. Over the course of the year, Sagimet Biosciences Inc shares have dropped approximately -45.76%. A 50-day SMA is recorded $4.41, while a 200-day SMA reached $5.67. Nevertheless, trading volume fell to 0.31 million shares from 0.81 million shares the previous day.

Support And Resistance Levels for Sagimet Biosciences Inc (SGMT)

According to the 24-hour chart, there is a support level at 2.80, which, if violated, would cause prices to drop to 2.75. In the upper region, resistance lies at 2.95. The next price resistance is at 3.05. RSI (Relative Strength Index) is 29.29 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.85, which suggests the price will decrease in the coming days. Percent R is at 100.00%, indicating bearish price movement. Stochastics%K at buying indicates that the stock is to be held.

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