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

Key Points

• HC Wainwright reaffirmed its Buy rating on Sagimet Biosciences, maintaining a $29 price target—implying approximately 182% upside from the reported $10.29 share price. The analyst consensus is “Moderate Buy,” with an average target of $29.17.
• Sagimet shares rose 0.7% to $10.29, while the company reported a quarterly loss of $0.26 per share, slightly missing the $0.25 consensus estimate. Analysts expect a full-year loss of approximately $1.20 per share.
• Insiders sold 113,646 shares worth about $920,491 over the past 90 days, while institutional investors and hedge funds own 87.86% of the stock. Sagimet’s lead drug candidate, CM-101, is in early-stage clinical development for fibrotic diseases.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They currently have a $29.00 price objective on the stock. HC Wainwright's target price indicates a potential upside of 181.96% from the stock's previous close.

A number of other research analysts have also commented on SGMT. Guggenheim decreased their price objective on Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Wall Street Zen downgraded Sagimet Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Oppenheimer restated an "outperform" rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Finally, Citigroup reiterated a "market outperform" rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.17.

Sagimet Biosciences Stock Up 0.7%

Sagimet Biosciences stock traded up $0.07 during mid-day trading on Tuesday, hitting $10.29. 242,875 shares of the company were exchanged, compared to its average volume of 1,175,461. The company has a market capitalization of $639.32 million, a PE ratio of -8.04 and a beta of 3.37. Sagimet Biosciences has a 1-year low of $4.50 and a 1-year high of $11.15. The business has a fifty day moving average of $7.98 and a 200 day moving average of $6.76.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.01). Research analysts expect that Sagimet Biosciences will post -1.2 earnings per share for the current year.

Insider Activity

In related news, CEO David Happel sold 64,051 shares of the business's stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $497,035.76. Following the completion of the transaction, the chief executive officer directly owned 741,570 shares in the company, valued at approximately $5,754,583.20. The trade was a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 firm's 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 sale, the director owned 62,161 shares in the company, valued at $618,501.95. This trade represents a 24.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 113,646 shares of company stock worth $920,491 in the last 90 days. Corporate insiders own 11.50% of the company's stock.

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of Sagimet Biosciences by 819.2% in the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company's stock valued at $29,000 after purchasing an additional 4,391 shares during the period. California State Teachers Retirement System acquired a new position in shares of Sagimet Biosciences during the second quarter worth about $48,000. Bank of America Corp DE grew its holdings in shares of Sagimet Biosciences by 81.8% during the second quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock worth $76,000 after buying an additional 4,473 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Sagimet Biosciences during the fourth quarter worth about $62,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Sagimet Biosciences in the 3rd quarter valued at approximately $95,000. 87.86% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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