Affinity Asset Advisors LLC Decreases Position in Sagimet Biosciences Inc. $SGMT

Key Points

• Affinity Asset Advisors cut its Sagimet Biosciences stake by 24.4% in the first quarter, selling 280,225 shares and ending with 868,020 shares valued at about $4.5 million.
• Despite that sale, institutional ownership remains high: hedge funds and other institutions hold 87.86% of Sagimet’s stock, with several firms recently adding to or starting positions.
• Sagimet reported a narrower-than-expected quarterly loss, posting EPS of -$0.33 versus the -$0.39 consensus, while analysts currently assign the stock a Moderate Buy rating with an average price target of $25.57.

Affinity Asset Advisors LLC lowered its position in Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 24.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 868,020 shares of the company's stock after selling 280,225 shares during the quarter. Affinity Asset Advisors LLC owned 2.66% of Sagimet Biosciences worth $4,535,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SGMT. Landscape Capital Management L.L.C. raised its position in shares of Sagimet Biosciences by 14.1% during the 4th quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company's stock worth $153,000 after purchasing an additional 3,198 shares during the last quarter. LPL Financial LLC grew its holdings in Sagimet Biosciences by 31.3% during the 4th quarter. LPL Financial LLC now owns 20,574 shares of the company's stock valued at $122,000 after buying an additional 4,899 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Sagimet Biosciences during the first quarter worth $105,000. Jefferies Financial Group Inc. purchased a new position in Sagimet Biosciences during the third quarter worth $95,000. Finally, Bank of America Corp DE raised its holdings in shares of Sagimet Biosciences by 81.8% in the second quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock worth $76,000 after acquiring an additional 4,473 shares during the last quarter. Institutional investors and hedge funds own 87.86% of the company's stock.

Sagimet Biosciences Stock Performance

SGMT stock opened at $7.07 on Friday. Sagimet Biosciences Inc. has a 1 year low of $4.50 and a 1 year high of $11.41. The firm has a market cap of $230.38 million, a P/E ratio of -5.28 and a beta of 3.35. The stock has a 50-day simple moving average of $7.09 and a 200-day simple moving average of $6.32.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.06. On average, equities research analysts predict that Sagimet Biosciences Inc. will post -1.15 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on SGMT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Citizens Jmp cut their target price on shares of Sagimet Biosciences from $35.00 to $12.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 19th. Oppenheimer restated an "outperform" rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Guggenheim decreased their price target on shares of Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group lifted their price target on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $25.57.

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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