Sagimet Biosciences (NASDAQ:SGMT) Upgraded to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Sagimet Biosciences (NASDAQ:SGMT) to a strong-buy rating in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $10.71 target price on the stock.

SGMT has been the topic of a number of other research reports. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $18.00 in a research report on Wednesday. Citizens Jmp increased 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. Citigroup reissued a “market outperform” rating on shares of Sagimet Biosciences in a report on Friday, August 14th. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research report on Tuesday, August 25th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.96.

Sagimet Biosciences Stock Up 1.4%

Shares of NASDAQ:SGMT opened at $10.86 on Wednesday. The business has a 50 day moving average of $8.87 and a 200-day moving average of $7.21. The stock has a market cap of $675.06 million, a PE ratio of -8.48 and a beta of 3.45. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.27.

Sagimet Biosciences (NASDAQ:SGMT) last issued 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 research analysts expect that Sagimet Biosciences will post -1.2 earnings per share for the current year.

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 shares were sold at an average price of $9.95, for a total transaction of $201,049.70. Following the transaction, the director owned 62,161 shares in the company, valued at approximately $618,501.95. This represents a 24.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Elizabeth Rozek sold 10,545 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $81,829.20. Following the transaction, the insider directly owned 224,414 shares in the company, valued at $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. Over the last ninety days, insiders sold 113,646 shares of company stock valued at $920,491. Corporate insiders own 11.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of 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 bought a new position in shares of Sagimet Biosciences in the 2nd quarter worth $48,000. Bank of America Corp DE grew 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 period. Virtu Financial LLC bought a new stake in Sagimet Biosciences during the 4th quarter valued at $62,000. Finally, Jefferies Financial Group Inc. bought a new stake in Sagimet Biosciences during the 3rd quarter valued at $95,000. Institutional investors own 87.86% of the company’s stock.

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.