Sagimet Biosciences (NASDAQ:SGMT) Shares Up 4.1% – Time to Buy?

Sagimet Biosciences Inc. (NASDAQ:SGMT) shot up 4.1% during trading on Thursday . The stock traded as high as $11.08 and last traded at $11.3090. Approximately 148,626 shares traded 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 analyst reports. Cantor Fitzgerald started coverage on shares of Sagimet Biosciences in a report on Wednesday. They issued an “overweight” rating and a $10.71 price objective on the stock. Barclays raised Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $8.00 to $18.00 in a report on Wednesday. Citizens Jmp raised their price target on Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research note on Friday, August 14th. Wall Street Zen downgraded Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research report on Tuesday, August 25th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.96.

Sagimet Biosciences Stock Up 3.6%

The company has a market cap of $699.61 million, a price-to-earnings ratio of -8.78 and a beta of 3.45. The business’s fifty day simple moving average is $8.87 and its two-hundred day simple moving average is $7.21.

Sagimet Biosciences (NASDAQ:SGMT) last issued its 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). Sell-side analysts predict that Sagimet Biosciences Inc. will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, Director George Kemble sold 20,206 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the transaction, the director owned 62,161 shares in the company, valued at $618,501.95. This represents a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David Happel sold 64,051 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $497,035.76. Following the transaction, the chief executive officer directly owned 741,570 shares in the company, valued at approximately $5,754,583.20. The trade was a 7.95% 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. Insiders sold 113,646 shares of company stock worth $920,491 over the last 90 days. Corporate insiders own 11.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake 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 buying an additional 4,391 shares during the last quarter. California State Teachers Retirement System purchased a new position in shares of Sagimet Biosciences during the second quarter worth approximately $48,000. Virtu Financial LLC acquired a new position in shares of Sagimet Biosciences in the 4th quarter valued at $62,000. Bank of America Corp DE raised its position in Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after purchasing an additional 4,473 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in Sagimet Biosciences in the 3rd quarter valued at $95,000. Hedge funds and other 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.