Sagimet Biosciences (NASDAQ:SGMT) CEO Sells $497,035.76 in Stock

Sagimet Biosciences Inc. (NASDAQ:SGMT) CEO David Happel sold 64,051 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $497,035.76. Following the sale, the chief executive officer owned 741,570 shares in the company, valued at $5,754,583.20. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sagimet Biosciences Price Performance

SGMT stock traded down $0.27 during midday trading on Tuesday, hitting $7.18. The stock had a trading volume of 111,833 shares, compared to its average volume of 1,149,912. The business has a 50-day moving average of $7.10 and a two-hundred day moving average of $6.34. The firm has a market cap of $233.83 million, a price-to-earnings ratio of -5.36 and a beta of 3.35. Sagimet Biosciences Inc. has a 52-week low of $4.50 and a 52-week high of $10.27.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. Research analysts predict that Sagimet Biosciences Inc. will post -1.15 earnings per share for the current year.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in Sagimet Biosciences by 344.1% in the 1st quarter. Bank of America Corp DE now owns 43,858 shares of the company’s stock valued at $229,000 after acquiring an additional 33,982 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after purchasing an additional 282,969 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Sagimet Biosciences by 99.4% in the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock worth $1,415,000 after purchasing an additional 135,178 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Sagimet Biosciences during the fourth quarter valued at $62,000. Finally, XTX Topco Ltd lifted its holdings in shares of Sagimet Biosciences by 53.6% during the fourth quarter. XTX Topco Ltd now owns 91,737 shares of the company’s stock valued at $543,000 after purchasing an additional 32,003 shares in the last quarter. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SGMT has been the subject of a number of analyst reports. Guggenheim decreased their target price on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Citizens Jmp reduced their price objective on Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating for the company in a research report on Tuesday, May 19th. Oppenheimer reiterated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Finally, Canaccord Genuity Group increased their target price on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $25.57.

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.