Sagimet Biosciences (NASDAQ:SGMT) Reaches New 52-Week High – Time to Buy?

Sagimet Biosciences Inc. (NASDAQ:SGMT)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $11.24 and last traded at $11.0760, with a volume of 24846 shares trading hands. The stock had previously closed at $10.71.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SGMT shares. HC Wainwright reiterated a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a research note on Tuesday, August 25th. Cantor Fitzgerald started coverage on shares of Sagimet Biosciences in a report on Wednesday. They set an “overweight” rating and a $10.71 price objective on the stock. Citizens Jmp increased their price target on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Finally, Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.96.

Sagimet Biosciences Trading Up 2.6%

The company has a market cap of $683.14 million, a P/E ratio of -8.49 and a beta of 3.45. The company’s 50-day moving average price is $8.80 and its two-hundred day moving average price is $7.17.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, analysts anticipate that Sagimet Biosciences Inc. will post -1.2 earnings per share for the current year.

Insider Activity at Sagimet Biosciences

In other Sagimet Biosciences news, Director George Kemble sold 20,206 shares of the business’s stock in a transaction 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 completion of the transaction, the director owned 62,161 shares in the company, valued at approximately $618,501.95. The trade was a 24.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Elizabeth Rozek sold 10,545 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $81,829.20. Following the completion of the sale, the insider directly owned 224,414 shares of the company’s stock, valued at $1,741,452.64. The trade was a 4.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 113,646 shares of company stock worth $920,491 in the last three months. 11.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SGMT. NewEdge Advisors LLC acquired a new position in shares of Sagimet Biosciences in the 1st quarter valued at $105,000. Geode Capital Management LLC lifted its position in shares of Sagimet Biosciences by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock valued at $2,023,000 after acquiring an additional 1,600 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Sagimet Biosciences by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after acquiring an additional 3,454 shares in the last quarter. XTX Topco Ltd boosted its stake in Sagimet Biosciences by 137.0% in the 2nd quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock worth $195,000 after purchasing an additional 14,813 shares during the period. Finally, Jump Financial LLC purchased a new position in Sagimet Biosciences during the 2nd quarter worth approximately $1,130,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences (NASDAQ: SGMT) is a clinical-stage biotechnology company focused on developing novel therapies for fibrotic diseases. The company’s lead program, CM-101, is a first-in-class fusion protein designed to neutralize the chemokine CCL24 and interrupt key drivers of tissue fibrosis. Preclinical data have demonstrated CM-101’s potential to block fibrotic signaling pathways in multiple organ systems, and the company has advanced the program into early-stage clinical evaluation for indications such as nonalcoholic steatohepatitis and systemic sclerosis.

In addition to CM-101, Sagimet maintains a pipeline of preclinical candidates targeting inflammation-driven fibrotic processes.