Sagimet Biosciences (NASDAQ:SGMT) Stock Price Up 4.1% – Time to Buy?

Sagimet Biosciences Inc. (NASDAQ:SGMT) shares were up 4.1% during mid-day trading on Thursday . The company traded as high as $11.08 and last traded at $11.3090. 148,626 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,164,159 shares. The stock had previously closed at $10.86.

Analysts Set New Price Targets

Several research analysts have recently commented on SGMT shares. Citizens Jmp lifted their price target on Sagimet Biosciences from $12.00 to $29.00 and gave the stock a “market outperform” rating in a report on Friday, August 14th. Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research report on Friday, August 14th. Barclays raised shares of Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $8.00 to $18.00 in a research note on Wednesday. HC Wainwright reissued a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Tuesday, August 25th. Finally, Cantor Fitzgerald assumed coverage on shares of Sagimet Biosciences in a report on Wednesday. They set an “overweight” rating and a $10.71 price target for the company. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Sagimet Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $27.96.

Sagimet Biosciences Trading Up 3.6%

The firm’s fifty day moving average is $8.87 and its 200-day moving average is $7.21. The stock has a market capitalization of $699.61 million, a PE ratio of -8.78 and a beta of 3.45.

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

Insider Activity at Sagimet Biosciences

In related news, insider Elizabeth Rozek sold 10,545 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $81,829.20. Following the transaction, the insider owned 224,414 shares of the company’s stock, valued at approximately $1,741,452.64. This represents a 4.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Sagimet Biosciences stock in a transaction dated Tuesday, August 11th. The shares were 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 of the company’s stock, valued at approximately $618,501.95. This represents a 24.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 113,646 shares of company stock worth $920,491. 11.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Several institutional investors have recently modified their holdings of SGMT. Affinity Asset Advisors LLC boosted its holdings in Sagimet Biosciences by 228.1% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock valued at $6,798,000 after purchasing an additional 798,245 shares during the period. Millennium Management LLC increased its holdings in Sagimet Biosciences by 6,484.7% during the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after purchasing an additional 788,537 shares during the period. Marshall Wace LLP acquired a new stake in Sagimet Biosciences in the 4th quarter valued at about $4,620,000. Schonfeld Strategic Advisors LLC boosted its stake in shares of Sagimet Biosciences by 462.4% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock valued at $3,593,000 after buying an additional 430,644 shares during the period. Finally, Seven Fleet Capital Management LP acquired a new position in shares of Sagimet Biosciences during the second quarter worth about $3,119,000. Institutional investors and hedge funds 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.