Renaissance Technologies LLC Increases Stake in Sagimet Biosciences Inc. $SGMT

Key Points

• Renaissance Technologies increased its Sagimet Biosciences stake by 82.6% to 625,469 shares, while institutional investors collectively owned 87.86% of SGMT.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and average price target of $25.57, though individual targets and ratings varied significantly.
• Sagimet reported a quarterly loss of $0.33 per share, beating estimates of $0.39, while insiders sold 93,440 shares worth approximately $719,441 over the past three months.

Renaissance Technologies LLC increased its holdings in Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 82.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 625,469 shares of the company's stock after acquiring an additional 282,969 shares during the quarter. Renaissance Technologies LLC owned approximately 1.92% of Sagimet Biosciences worth $3,268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in shares of Sagimet Biosciences by 99.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company's stock valued at $1,415,000 after purchasing an additional 135,178 shares in the last quarter. Virtu Financial LLC purchased a new position in Sagimet Biosciences during the fourth quarter valued at approximately $62,000. XTX Topco Ltd raised its stake in Sagimet Biosciences by 53.6% in the fourth quarter. XTX Topco Ltd now owns 91,737 shares of the company's stock worth $543,000 after buying an additional 32,003 shares in the last quarter. 683 Capital Management LLC purchased a new stake in Sagimet Biosciences during the fourth quarter worth $748,000. Finally, Royal Bank of Canada boosted its position in Sagimet Biosciences by 819.2% during the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company's stock valued at $29,000 after acquiring an additional 4,391 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SGMT. Canaccord Genuity Group upped their price objective on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Guggenheim decreased their price target on shares of Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Oppenheimer reaffirmed an "outperform" rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Citizens Jmp reduced their price objective 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. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $25.57.

Sagimet Biosciences Price Performance

Shares of NASDAQ:SGMT opened at $9.06 on Friday. The business's 50-day moving average is $7.24 and its 200 day moving average is $6.45. Sagimet Biosciences Inc. has a 1 year low of $4.50 and a 1 year high of $10.06. The firm has a market capitalization of $295.22 million, a P/E ratio of -6.76 and a beta of 3.37.

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

Insider Buying and Selling

In other Sagimet Biosciences news, Director George Kemble sold 18,844 shares of the business's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.46, for a total transaction of $140,576.24. Following the sale, the director owned 62,161 shares of the company's stock, valued at approximately $463,721.06. The trade was a 23.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $497,035.76. Following the sale, the chief executive officer directly owned 741,570 shares in the company, valued at approximately $5,754,583.20. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 93,440 shares of company stock worth $719,441 in the last three months. Corporate insiders own 11.50% of the company's stock.

Sagimet Biosciences 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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