Sagimet Biosciences (NASDAQ:SGMT) Hits New 52-Week High - Here's Why

Key Points

• Sagimet Biosciences reached a new 52-week high of $11.24, up from its prior close of $10.71, with the stock last trading near $11.08.
• Analyst sentiment is broadly positive: nine analysts rate the stock a Buy, while the consensus rating is “Moderate Buy” with an average price target of $27.96; Barclays raised its target to $18 and HC Wainwright set a $29 target.
• The company reported a quarterly loss of $0.26 per share, slightly worse than the $0.25 consensus estimate. Insiders have sold 113,646 shares worth about $920,491 over the past 90 days, while institutional investors own 87.86% of the stock.

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $11.24 and last traded at $11.0760, with a volume of 24846 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Citigroup restated a "market outperform" rating on shares of Sagimet Biosciences in a research note on Friday, August 14th. Wall Street Zen downgraded shares of Sagimet Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Cantor Fitzgerald assumed coverage on Sagimet Biosciences in a research report on Wednesday. They set an "overweight" rating and a $10.71 price target on the stock. Barclays raised Sagimet Biosciences from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $8.00 to $18.00 in a report on Wednesday. Finally, HC Wainwright reiterated a "buy" rating and set a $29.00 price target on shares of Sagimet Biosciences in a research report on Tuesday, August 25th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Sagimet Biosciences currently has a consensus rating of "Moderate Buy" and an average price target of $27.96.

Sagimet Biosciences Price Performance

The firm has a market cap of $683.14 million, a PE ratio of -8.49 and a beta of 3.45. The business's 50 day moving average price is $8.80 and its 200 day moving average price is $7.17.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, analysts predict that Sagimet Biosciences Inc. will post -1.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director George Kemble sold 20,206 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $9.95, for a total transaction of $201,049.70. Following the transaction, the director owned 62,161 shares of the company's stock, valued at approximately $618,501.95. The trade was a 24.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Elizabeth Rozek sold 10,545 shares of the firm'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 sale, the insider directly owned 224,414 shares of the company's stock, valued at $1,741,452.64. The trade was a 4.49% 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. Over the last 90 days, insiders have sold 113,646 shares of company stock valued at $920,491. 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. Royal Bank of Canada raised its holdings 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 in the last quarter. California State Teachers Retirement System acquired a new stake in shares of Sagimet Biosciences in the second quarter valued at approximately $48,000. Virtu Financial LLC purchased a new stake in Sagimet Biosciences in the 4th quarter valued at $62,000. Bank of America Corp DE raised its position in Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock valued at $76,000 after purchasing an additional 4,473 shares during the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in Sagimet Biosciences during the 3rd quarter worth $95,000. Institutional investors and hedge funds own 87.86% 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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