Sagimet Biosciences Inc. (NASDAQ:SGMT – Get Free Report)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $11.24 and last traded at $10.9380, with a volume of 75562 shares changing hands. The stock had previously closed at $10.99.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on SGMT shares. Citigroup reissued a “market outperform” rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Citizens Jmp increased their price target on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research report on Friday, August 14th. Wall Street Zen cut 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 note on Friday, July 17th. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price objective on shares of Sagimet Biosciences in a report on Tuesday, August 25th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.17.
Sagimet Biosciences Stock Down 1.8%
Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) earnings per share 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 earnings per share for the current year.
Insider Buying and Selling
In other news, insider Elizabeth Rozek sold 10,545 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the transaction, the insider owned 224,414 shares in the company, 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 filing with the SEC, which is accessible through this link. 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 on Monday, July 20th. The shares were 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 approximately $5,754,583.20. This represents 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. Insiders have sold a total of 113,646 shares of company stock worth $920,491 in the last quarter. Corporate insiders own 11.50% of the company’s stock.
Hedge Funds Weigh In On Sagimet Biosciences
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Affinity Asset Advisors LLC raised its stake in Sagimet Biosciences by 228.1% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock worth $6,798,000 after acquiring an additional 798,245 shares during the period. Millennium Management LLC increased its stake in shares of Sagimet Biosciences by 6,484.7% in the third quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after purchasing an additional 788,537 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Sagimet Biosciences in the fourth quarter worth $4,620,000. Schonfeld Strategic Advisors LLC raised its position in shares of Sagimet Biosciences by 462.4% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock valued at $3,593,000 after purchasing an additional 430,644 shares during the period. Finally, Seven Fleet Capital Management LP bought a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at $3,119,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.
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.
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