Sagimet Biosciences (NASDAQ:SGMT) Sets New 12-Month High – Here’s What Happened

Sagimet Biosciences Inc. (NASDAQ:SGMT)’s stock price reached a new 52-week high during trading on Thursday . The company 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. 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 report on Wednesday, August 12th. Citizens Jmp upped their target price on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Friday, August 14th. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a research note on Friday, August 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

Sagimet Biosciences Stock Performance

The firm has a fifty day simple moving average of $8.52 and a 200 day simple moving average of $7.01. The company has a market capitalization of $670.52 million, a PE ratio of -8.42 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 for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Research analysts expect that Sagimet Biosciences Inc. will post -1.2 EPS for the current fiscal year.

Insider Transactions at Sagimet Biosciences

In other Sagimet Biosciences news, insider Elizabeth Rozek sold 10,545 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 $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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director George Kemble sold 20,206 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total transaction 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 trade represents a 24.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 113,646 shares of company stock valued at $920,491 in the last quarter. 11.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its position in Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after acquiring an additional 4,391 shares in the last quarter. California State Teachers Retirement System purchased a new stake in Sagimet Biosciences in the 2nd quarter worth approximately $48,000. Bank of America Corp DE boosted 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 worth $76,000 after purchasing an additional 4,473 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Sagimet Biosciences during the 4th quarter worth approximately $62,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Sagimet Biosciences during the 3rd quarter worth approximately $95,000. 87.86% of the stock is owned by institutional investors and hedge funds.

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.