Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts rate Sagimet Biosciences “Moderate Buy”: Seven of 10 analysts recommend buying the stock, while two rate it a hold and one a sell. The average 12-month price target is $29.17.
• Shares opened at $10.55, near their 12-month high of $11.15 and above both the 50-day and 200-day moving averages. The company reported a quarterly loss of $0.26 per share, slightly worse than the $0.25 consensus estimate.
• Institutional ownership is high at 87.86%, with several major investors increasing their positions. Insiders sold shares primarily to cover tax withholding related to vested equity awards, and insiders retain an 11.5% ownership stake.

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) have been given a consensus rating of "Moderate Buy" by the ten analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $29.1667.

A number of brokerages recently issued reports on SGMT. Citigroup reissued a "market outperform" rating on shares of Sagimet Biosciences in a report on Friday, August 14th. Citizens Jmp increased 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 note on Friday, August 14th. Wall Street Zen cut Sagimet Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. HC Wainwright restated a "buy" rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Tuesday, August 25th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a report on Friday, July 17th.

Sagimet Biosciences Stock Performance

SGMT opened at $10.55 on Monday. The company has a market cap of $655.79 million, a price-to-earnings ratio of -8.24 and a beta of 3.37. The company's 50 day moving average is $8.31 and its 200 day moving average is $6.90. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.15.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released 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). As a group, analysts predict that Sagimet Biosciences 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 stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $81,829.20. Following the completion of the sale, the insider directly 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 position. The transaction 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, CEO David Happel sold 64,051 shares of the firm'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 transaction of $497,035.76. Following the transaction, the chief executive officer directly owned 741,570 shares of the company's stock, valued at approximately $5,754,583.20. This trade represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 in the last 90 days. Insiders own 11.50% of the company's stock.

Institutional Trading of Sagimet Biosciences

Several institutional investors have recently added to or reduced their stakes in SGMT. Vanguard Group Inc. lifted its holdings in shares of Sagimet Biosciences by 4.3% in the third quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company's stock valued at $8,254,000 after buying an additional 49,375 shares during the period. Affinity Asset Advisors LLC boosted its position in shares of Sagimet Biosciences by 228.1% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company's stock worth $6,798,000 after buying an additional 798,245 shares during the period. Marshall Wace LLP acquired a new stake in Sagimet Biosciences during the 4th quarter worth about $4,620,000. Millennium Management LLC boosted its position in Sagimet Biosciences by 6,484.7% during the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company's stock worth $5,326,000 after acquiring an additional 788,537 shares during the period. Finally, 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 worth $3,268,000 after buying an additional 282,969 shares in the last quarter. 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.

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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