Insider Selling: Sagimet Biosciences (NASDAQ:SGMT) CEO Sells $497,035.76 in Stock

Sagimet Biosciences Inc. (NASDAQ:SGMT) CEO David Happel sold 64,051 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total transaction of $497,035.76. Following the completion of the sale, the chief executive officer directly owned 741,570 shares in the company, valued at $5,754,583.20. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sagimet Biosciences Price Performance

NASDAQ:SGMT opened at $7.31 on Friday. The business has a fifty day simple moving average of $7.13 and a two-hundred day simple moving average of $6.37. Sagimet Biosciences Inc. has a 1 year low of $4.50 and a 1 year high of $10.06. The company has a market capitalization of $238.20 million, a P/E ratio of -5.46 and a beta of 3.35.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. As a group, analysts anticipate that Sagimet Biosciences Inc. will post -1.15 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on SGMT. Guggenheim reduced their target price on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Canaccord Genuity Group boosted their target price on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Citizens Jmp cut their price target on Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating for the company in a report on Tuesday, May 19th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.57.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in Sagimet Biosciences by 0.6% during the second quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock valued at $2,023,000 after acquiring an additional 1,600 shares in the last quarter. Landscape Capital Management L.L.C. lifted its stake in Sagimet Biosciences by 14.1% in the 4th quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company’s stock worth $153,000 after purchasing an additional 3,198 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Sagimet Biosciences by 10.1% in the 4th quarter. HighTower Advisors LLC now owns 37,189 shares of the company’s stock valued at $220,000 after purchasing an additional 3,408 shares during the period. American Century Companies Inc. boosted its holdings in Sagimet Biosciences by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after purchasing an additional 3,454 shares during the period. Finally, Royal Bank of Canada grew its position in shares of Sagimet Biosciences by 819.2% during 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. 87.86% of the stock is owned by hedge funds and other institutional investors.

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.