Sagimet Biosciences’ (SGMT) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note released on Tuesday,Benzinga reports. They currently have a $29.00 price target on the stock.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group boosted their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Oppenheimer reiterated an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Guggenheim reduced their price objective on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Finally, Citizens Jmp upped their target price on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $29.17.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT opened at $10.75 on Tuesday. Sagimet Biosciences has a fifty-two week low of $4.50 and a fifty-two week high of $11.15. The firm has a market capitalization of $668.22 million, a P/E ratio of -8.40 and a beta of 3.37. The company’s 50 day simple moving average is $8.23 and its 200 day simple moving average is $6.87.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). Sell-side analysts expect that Sagimet Biosciences will post -1.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director George Kemble sold 20,206 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was 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 $618,501.95. This trade represents a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Happel sold 64,051 shares of Sagimet Biosciences stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $497,035.76. Following the transaction, the chief executive officer owned 741,570 shares in the company, valued at $5,754,583.20. This trade represents a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 ninety days. 11.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

Several hedge funds have recently bought and sold shares of SGMT. Dimensional Fund Advisors LP increased its position in shares of Sagimet Biosciences by 99.4% during the first quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock worth $1,415,000 after acquiring an additional 135,178 shares in the last quarter. Renaissance Technologies LLC lifted its position in Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock valued at $3,268,000 after acquiring an additional 282,969 shares in the last quarter. AWM Investment Company Inc. acquired a new position in Sagimet Biosciences in the 2nd quarter worth $618,000. Dumac Inc. acquired a new position in Sagimet Biosciences in the 4th quarter worth $421,000. Finally, Jefferies Financial Group Inc. bought a new position in Sagimet Biosciences during the 3rd quarter worth about $95,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.