Bank of New York Mellon Corp Invests $1.55 Million in Sagimet Biosciences Inc. $SGMT

Bank of New York Mellon Corp acquired a new stake in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 200,648 shares of the company's stock, valued at approximately $1,551,000. Bank of New York Mellon Corp owned approximately 0.62% of Sagimet Biosciences as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. NewEdge Advisors LLC purchased a new position in shares of Sagimet Biosciences in the first quarter worth $105,000. Geode Capital Management LLC lifted its stake in Sagimet Biosciences by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 265,324 shares of the company's stock valued at $2,023,000 after acquiring an additional 1,600 shares during the period. American Century Companies Inc. boosted its holdings in shares of Sagimet Biosciences by 8.9% during the 2nd 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 last quarter. XTX Topco Ltd boosted its holdings in shares of Sagimet Biosciences by 137.0% during the 2nd quarter. XTX Topco Ltd now owns 25,624 shares of the company's stock valued at $195,000 after acquiring an additional 14,813 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Sagimet Biosciences in the second quarter worth approximately $1,130,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SGMT shares. Citizens Jmp boosted their price objective on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a "market outperform" rating in a report on Friday, August 14th. Barclays upgraded shares of Sagimet Biosciences from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $8.00 to $18.00 in a report on Wednesday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. Cantor Fitzgerald assumed coverage on shares of Sagimet Biosciences in a research note on Wednesday. They set an "overweight" rating and a $10.71 target price for the company. Finally, Canaccord Genuity Group increased their price target on Sagimet Biosciences from $49.00 to $56.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $27.96.

Sagimet Biosciences Trading Up 1.4%

Shares of SGMT stock opened at $10.86 on Thursday. Sagimet Biosciences Inc. has a 12 month low of $4.50 and a 12 month high of $11.27. The stock has a market cap of $675.06 million, a P/E ratio of -8.48 and a beta of 3.45. The company has a 50 day simple moving average of $8.87 and a two-hundred day simple moving average of $7.21.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued 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, equities analysts forecast that Sagimet Biosciences Inc. will post -1.2 earnings per share for the current year.

Insider Activity at Sagimet Biosciences

In other Sagimet Biosciences news, insider Elizabeth Rozek sold 10,545 shares of the company's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $81,829.20. Following the completion of the sale, the insider owned 224,414 shares in the company, valued at $1,741,452.64. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 dated Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the transaction, the director directly owned 62,161 shares in the company, valued at $618,501.95. This trade represents a 24.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 113,646 shares of company stock worth $920,491. Corporate insiders own 11.50% of the company's stock.

Sagimet Biosciences Company Profile

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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