Sagimet Biosciences (NASDAQ:SGMT) Given New $56.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised Sagimet Biosciences’ price target to $56 from $49 and maintained a “buy” rating, implying substantial upside from the stock’s previous close. The analyst consensus remains “Moderate Buy,” with an average target of $26.33.
• Sagimet shares rose 0.6% to $9.58 during Wednesday trading, with a market capitalization of approximately $312 million. The company recently reported a quarterly loss of $0.26 per share, narrowly missing estimates of a $0.25 loss.
• Institutional investors own approximately 87.86% of the company, while insiders sold shares valued at about $719,000 over the past quarter, primarily to cover tax obligations related to vested equity awards.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) had its target price upped by Canaccord Genuity Group from $49.00 to $56.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 484.55% from the company's previous close.

Other research analysts have also recently issued reports about the company. Guggenheim reduced their price objective on Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Oppenheimer reissued an "outperform" rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. Finally, Citizens Jmp reduced their price target on Sagimet Biosciences from $35.00 to $12.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 19th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.33.

Sagimet Biosciences Trading Up 0.6%

Shares of NASDAQ:SGMT traded up $0.06 during mid-day trading on Wednesday, reaching $9.58. The company had a trading volume of 396,812 shares, compared to its average volume of 1,164,076. The company's 50-day moving average price is $7.34 and its 200-day moving average price is $6.50. The firm has a market cap of $312.16 million, a price-to-earnings ratio of -7.15 and a beta of 3.37. Sagimet Biosciences has a one year low of $4.50 and a one year high of $10.06.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.01). On average, research analysts anticipate that Sagimet Biosciences will post -1.15 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO David Happel sold 64,051 shares of the business's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $497,035.76. Following the completion of the sale, the chief executive officer owned 741,570 shares in the company, valued at approximately $5,754,583.20. The trade was a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth Rozek sold 10,545 shares of the business's stock in a transaction on Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $81,829.20. Following the transaction, the insider owned 224,414 shares in the company, valued at approximately $1,741,452.64. This trade represents 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. Insiders have sold a total of 93,440 shares of company stock valued at $719,441 over the last quarter. 11.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in Sagimet Biosciences by 819.2% during the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company's stock worth $29,000 after buying an additional 4,391 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in Sagimet Biosciences during the fourth quarter worth about $30,000. Virtu Financial LLC acquired a new stake in shares of Sagimet Biosciences during the 4th quarter valued at approximately $62,000. Bank of America Corp DE increased its holdings in Sagimet Biosciences by 81.8% during the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company's stock valued at $76,000 after acquiring an additional 4,473 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Sagimet Biosciences during the third quarter valued at approximately $95,000. Hedge funds and other 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.

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