George Kemble Sells 18,844 Shares of Sagimet Biosciences (NASDAQ:SGMT) Stock

Sagimet Biosciences Inc. (NASDAQ:SGMT) Director George Kemble sold 18,844 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.46, for a total transaction of $140,576.24. Following the transaction, the director owned 62,161 shares in the company, valued at $463,721.06. The trade was a 23.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Sagimet Biosciences Trading Down 3.2%

NASDAQ:SGMT opened at $7.04 on Thursday. Sagimet Biosciences Inc. has a 12 month low of $4.50 and a 12 month high of $10.06. The firm has a fifty day simple moving average of $7.13 and a 200-day simple moving average of $6.37. The company has a market capitalization of $229.36 million, a P/E ratio of -5.25 and a beta of 3.35.

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

Hedge Funds Weigh In On Sagimet Biosciences

Several institutional investors have recently made changes to their positions in SGMT. Royal Bank of Canada lifted its stake in shares of Sagimet Biosciences by 819.2% in the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after purchasing an additional 4,391 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in Sagimet Biosciences in the fourth quarter valued at $30,000. Virtu Financial LLC purchased a new position in Sagimet Biosciences in the fourth quarter valued at $62,000. Hamilton Lane Advisors LLC acquired a new position in shares of Sagimet Biosciences in the fourth quarter worth about $66,000. Finally, Bank of America Corp DE raised its position in shares of Sagimet Biosciences by 81.8% in the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock worth $76,000 after acquiring an additional 4,473 shares during the period. 87.86% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Oppenheimer restated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Guggenheim dropped their target price on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Citizens Jmp cut their price target on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 19th. Canaccord Genuity Group raised their price target on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sagimet Biosciences has a consensus rating of “Moderate Buy” and an average target price 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.