Sagimet Biosciences (NASDAQ:SGMT) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Sagimet Biosciences (NASDAQ:SGMT) from a hold rating to a sell rating in a report published on Saturday.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group increased their price objective on Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Citizens Jmp lifted their target price on Sagimet Biosciences from $12.00 to $29.00 and gave the stock a “market outperform” rating in a report on Friday. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a research report on Friday. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Friday, July 17th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sagimet Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.17.

Sagimet Biosciences Price Performance

Shares of SGMT opened at $10.43 on Friday. The firm’s 50 day moving average is $7.59 and its 200-day moving average is $6.61. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.15. The stock has a market capitalization of $339.81 million, a P/E ratio of -8.15 and a beta of 3.37.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Tuesday, August 11th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, equities research analysts forecast that Sagimet Biosciences will post -1.2 EPS for the current fiscal year.

Insider Activity

In other news, CEO David Happel sold 64,051 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 $497,035.76. Following the transaction, the chief executive officer owned 741,570 shares in the company, valued at $5,754,583.20. This represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total transaction of $201,049.70. Following the completion of the sale, the director directly owned 62,161 shares of the company’s stock, valued at $618,501.95. This trade represents a 24.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 113,646 shares of company stock worth $920,491 in the last 90 days. Company insiders own 11.50% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 1,600 shares during the period. Landscape Capital Management L.L.C. increased its stake in shares of Sagimet Biosciences by 14.1% in the fourth quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company’s stock worth $153,000 after acquiring an additional 3,198 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Sagimet Biosciences by 10.1% in the fourth quarter. HighTower Advisors LLC now owns 37,189 shares of the company’s stock worth $220,000 after acquiring an additional 3,408 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Sagimet Biosciences by 8.9% during the second quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock worth $322,000 after acquiring an additional 3,454 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after acquiring an additional 4,391 shares in the last quarter. Hedge funds and other institutional investors 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.