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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $29.1667.

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

Insider Buying and Selling at Sagimet Biosciences

In other news, Director George Kemble sold 20,206 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the sale, the director owned 62,161 shares of the company’s stock, valued at $618,501.95. This represents a 24.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Elizabeth Rozek sold 10,545 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the completion of the sale, the insider owned 224,414 shares of the company’s stock, valued at approximately $1,741,452.64. This trade represents 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. Insiders have sold 113,646 shares of company stock valued at $920,491 over the last three months. 11.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Sagimet Biosciences by 4.3% during the third quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock valued at $8,254,000 after purchasing an additional 49,375 shares during the period. Affinity Asset Advisors LLC boosted its stake in shares of Sagimet Biosciences by 228.1% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock valued at $6,798,000 after purchasing an additional 798,245 shares during the period. Marshall Wace LLP acquired a new stake in Sagimet Biosciences during the 4th quarter valued at $4,620,000. Millennium Management LLC grew its holdings in Sagimet Biosciences by 6,484.7% during the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock valued at $5,326,000 after purchasing an additional 788,537 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Sagimet Biosciences by 82.6% during the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock worth $3,268,000 after buying an additional 282,969 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Performance

SGMT stock opened at $10.94 on Monday. The stock has a 50-day moving average price of $8.68 and a two-hundred day moving average price of $7.09. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.24. The company has a market cap of $680.03 million, a PE ratio of -8.55 and a beta of 3.45.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data 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 forecast 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.