Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $29.17 Average Price Target from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $29.1667.

A number of research analysts have recently commented on the company. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a report on Tuesday, August 25th. Citizens Jmp upped their target price on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the stock a “market outperform” rating in a report on Friday, August 14th. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Finally, Canaccord Genuity Group lifted their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th.

Sagimet Biosciences Stock Up 4.7%

NASDAQ SGMT opened at $10.99 on Monday. The company has a market capitalization of $683.14 million, a P/E ratio of -8.59 and a beta of 3.45. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.15. The firm has a 50-day moving average price of $8.52 and a two-hundred day moving average price of $7.01.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). Equities analysts expect that Sagimet Biosciences will post -1.2 EPS for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel sold 64,051 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 741,570 shares of the company’s stock, valued at $5,754,583.20. This trade represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth Rozek sold 10,545 shares of the company’s stock in a transaction on 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 transaction, the insider directly owned 224,414 shares in the company, valued at approximately $1,741,452.64. The trade was a 4.49% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 113,646 shares of company stock valued at $920,491. Company insiders own 11.50% of the company’s stock.

Institutional Trading of Sagimet Biosciences

A number of large investors have recently modified their holdings of SGMT. Dimensional Fund Advisors LP increased its stake in Sagimet Biosciences by 99.4% in the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock valued at $1,415,000 after acquiring an additional 135,178 shares during the last quarter. Renaissance Technologies LLC boosted 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. AWM Investment Company Inc. bought a new position in shares of Sagimet Biosciences during the 2nd quarter valued at about $618,000. Landscape Capital Management L.L.C. increased its position in shares of Sagimet Biosciences by 14.1% during the 4th quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company’s stock valued at $153,000 after purchasing an additional 3,198 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Sagimet Biosciences by 31.3% during the 4th quarter. LPL Financial LLC now owns 20,574 shares of the company’s stock valued at $122,000 after buying an additional 4,899 shares in the last quarter. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Company Profile

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.