Analysts Set Sagimet Biosciences Inc. (NASDAQ:SGMT) PT at $29.17

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average rating of “Moderate Buy” by the ten analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $29.1667.

A number of brokerages have recently commented on SGMT. Wall Street Zen cut shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of Sagimet Biosciences in a research note on Tuesday, August 25th. Canaccord Genuity Group upped their price objective on Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a report on Friday, August 14th.

Insiders Place Their Bets

In other Sagimet Biosciences news, insider Elizabeth Rozek sold 10,545 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total transaction of $81,829.20. Following the sale, the insider directly owned 224,414 shares of the company’s stock, valued at approximately $1,741,452.64. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO David Happel sold 64,051 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was 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. The trade was a 7.95% decrease in their ownership of the stock. 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. In the last ninety days, insiders have sold 113,646 shares of company stock valued at $920,491. Insiders own 11.50% of the company’s stock.

Institutional Trading of Sagimet Biosciences

Several large investors have recently added to or reduced their stakes in SGMT. California State Teachers Retirement System acquired a new stake in Sagimet Biosciences in the second quarter worth about $48,000. Seven Fleet Capital Management LP bought a new stake in Sagimet Biosciences during the second quarter worth approximately $3,119,000. Wellington Management Group LLP acquired a new stake in Sagimet Biosciences in the second quarter worth approximately $315,000. AWM Investment Company Inc. bought a new position in Sagimet Biosciences during the 2nd quarter valued at $618,000. Finally, Bank of New York Mellon Corp bought a new position in Sagimet Biosciences during the 2nd quarter valued at $1,551,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Price Performance

Shares of Sagimet Biosciences stock opened at $10.94 on Monday. The business has a 50 day simple moving average of $8.68 and a two-hundred day simple moving average of $7.08. The stock has a market capitalization of $680.03 million, a P/E ratio of -8.55 and a beta of 3.45. Sagimet Biosciences has a 12 month low of $4.50 and a 12 month high of $11.24.

Sagimet Biosciences (NASDAQ:SGMT) last posted 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, research analysts anticipate that Sagimet Biosciences will post -1.2 EPS for the current fiscal year.

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.