Sagimet Biosciences (NASDAQ:SGMT) Upgraded at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald upgraded Sagimet Biosciences to “strong buy.” The stock has a “Moderate Buy” consensus rating and an average analyst price target of $27.96, despite mixed opinions ranging from buy to sell.
• SGMT opened at $10.86 and was up 1.4%, with a market capitalization of approximately $675 million. The stock trades near its 12-month high of $11.27 after reporting a quarterly loss of $0.26 per share, slightly worse than expectations.
• Insiders sold shares worth about $920,000 during the last quarter, while institutional investors own 87.86% of the company. Sagimet is developing CM-101 and other therapies targeting fibrotic diseases.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) was upgraded by Cantor Fitzgerald to a "strong-buy" rating in a research note issued to investors on Wednesday, Zacks reports.

SGMT has been the topic of several other reports. Citizens Jmp raised their target price on Sagimet Biosciences from $12.00 to $29.00 and gave the company a "market outperform" rating in a report on Friday, August 14th. Canaccord Genuity Group upped their price target on Sagimet Biosciences from $49.00 to $56.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Wall Street Zen lowered Sagimet Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Citigroup reissued a "market outperform" rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $27.96.

Sagimet Biosciences Stock Up 1.4%

NASDAQ SGMT opened at $10.86 on Wednesday. The stock has a market capitalization 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. The company has a 50 day moving average price of $8.87 and a two-hundred day moving average price of $7.21.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, equities analysts anticipate that Sagimet Biosciences will post -1.2 EPS for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel sold 64,051 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total transaction of $497,035.76. Following the completion of the transaction, the chief executive officer owned 741,570 shares of the company's stock, valued at $5,754,583.20. The trade was a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 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 have sold 113,646 shares of company stock worth $920,491 in the last quarter. 11.50% of the stock is currently owned by company insiders.

Institutional Trading of Sagimet Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in Sagimet Biosciences by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 265,324 shares of the company's stock valued at $2,023,000 after buying an additional 1,600 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Sagimet Biosciences by 19.8% during the second quarter. Baird Financial Group Inc. now owns 15,677 shares of the company's stock worth $121,000 after buying an additional 2,591 shares during the last quarter. Landscape Capital Management L.L.C. lifted its holdings in shares of Sagimet Biosciences by 14.1% during the fourth quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company's stock worth $153,000 after buying an additional 3,198 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Sagimet Biosciences by 10.1% in the fourth quarter. HighTower Advisors LLC now owns 37,189 shares of the company's stock valued at $220,000 after acquiring an additional 3,408 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Sagimet Biosciences by 8.9% in the second quarter. American Century Companies Inc. now owns 42,285 shares of the company's stock valued at $322,000 after acquiring an additional 3,454 shares during the period. 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.

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