Sagimet Biosciences (NASDAQ:SGMT) Trading Up 4.1% – Should You Buy?

Sagimet Biosciences Inc. (NASDAQ:SGMT) rose 4.1% during mid-day trading on Thursday . The stock traded as high as $11.08 and last traded at $11.3090. 148,626 shares changed hands during trading, a decline of 87% from the average daily volume of 1,164,159 shares. The stock had previously closed at $10.86.

Analyst Ratings Changes

SGMT has been the topic of a number of recent analyst reports. Canaccord Genuity Group lifted their price objective on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $8.00 to $18.00 in a research note on Wednesday. Wall Street Zen downgraded Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Citigroup reiterated a “market outperform” rating on shares of Sagimet Biosciences in a research note on Friday, August 14th. Finally, Cantor Fitzgerald assumed coverage on Sagimet Biosciences in a report on Wednesday. They set an “overweight” rating and a $10.71 price target for the company. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $27.96.

Sagimet Biosciences Trading Down 1.6%

The business’s 50 day moving average price is $9.00 and its two-hundred day moving average price is $7.28. The company has a market capitalization of $676.30 million, a price-to-earnings ratio of -8.50 and a beta of 3.45.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Analysts expect that Sagimet Biosciences Inc. will post -1.19 EPS for the current year.

Insider Buying and Selling 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 shares were sold at an average price of $9.95, for a total transaction of $201,049.70. Following the sale, the director owned 62,161 shares of the company’s stock, valued at approximately $618,501.95. The trade was a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction, the insider owned 224,414 shares of the company’s stock, valued at $1,741,452.64. This trade represents a 4.49% 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. Insiders have sold 113,646 shares of company stock worth $920,491 over the last quarter. Corporate insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its position in Sagimet Biosciences by 819.2% in the fourth 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 last quarter. California State Teachers Retirement System bought a new stake in shares of Sagimet Biosciences during the second quarter worth about $48,000. Virtu Financial LLC bought a new stake in shares of Sagimet Biosciences during the fourth quarter worth about $62,000. Bank of America Corp DE increased its stake 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 valued at $76,000 after buying an additional 4,473 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Sagimet Biosciences in the third quarter valued at approximately $95,000. 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.