Seven Fleet Capital Management LP Buys Shares of 403,545 Sagimet Biosciences Inc. $SGMT

Seven Fleet Capital Management LP purchased a new stake in Sagimet Biosciences Inc. (NASDAQ:SGMT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 403,545 shares of the company’s stock, valued at approximately $3,119,000. Seven Fleet Capital Management LP owned approximately 1.24% of Sagimet Biosciences as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SGMT. Wellington Management Group LLP acquired a new stake in Sagimet Biosciences in the 2nd quarter valued at about $315,000. AWM Investment Company Inc. purchased a new position in Sagimet Biosciences during the 2nd quarter valued at about $618,000. Bank of New York Mellon Corp acquired a new position in Sagimet Biosciences during the second quarter worth about $1,551,000. Bank of America Corp DE raised its position in Sagimet Biosciences by 344.1% during the first quarter. Bank of America Corp DE now owns 43,858 shares of the company’s stock worth $229,000 after acquiring an additional 33,982 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Sagimet Biosciences by 82.6% in the first quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock valued at $3,268,000 after purchasing an additional 282,969 shares in the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT opened at $10.94 on Friday. The company has a 50-day simple moving average of $8.68 and a 200-day simple moving average of $7.08. The company has a market cap of $680.03 million, a PE ratio of -8.55 and a beta of 3.45. Sagimet Biosciences Inc. has a 12 month low of $4.50 and a 12 month high of $11.24.

Sagimet Biosciences (NASDAQ:SGMT) last announced 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). On average, analysts anticipate that Sagimet Biosciences Inc. will post -1.2 EPS for the current year.

Analyst Upgrades and Downgrades

SGMT has been the topic of several research reports. Citizens Jmp increased their price target on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research report on Friday, August 14th. Canaccord Genuity Group upped their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Friday, July 17th. Wall Street Zen downgraded Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a report on Tuesday, August 25th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.17.

Insider Buying and Selling at Sagimet Biosciences

In other news, Director George Kemble sold 20,206 shares of Sagimet Biosciences stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total value of $201,049.70. Following the completion of the sale, the director owned 62,161 shares of the company’s stock, valued at $618,501.95. The trade was a 24.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Elizabeth Rozek sold 10,545 shares of Sagimet Biosciences stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the completion of the sale, the insider directly 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 113,646 shares of company stock worth $920,491. Insiders own 11.50% 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.