Sagimet Biosciences (NASDAQ:SGMT) Sets New 1-Year High – Here’s Why

Sagimet Biosciences Inc. (NASDAQ:SGMT)’s share price reached a new 52-week high on Thursday . The company traded as high as $11.24 and last traded at $10.9380, with a volume of 75562 shares changing hands. The stock had previously closed at $10.99.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SGMT shares. Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research report on Friday, August 14th. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Citizens Jmp increased their price objective on Sagimet Biosciences from $12.00 to $29.00 and gave the stock a “market outperform” rating in a report on Friday, August 14th. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of Sagimet Biosciences in a research note on Tuesday, August 25th. Finally, Canaccord Genuity Group lifted their target price on Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

Sagimet Biosciences Price Performance

The company has a 50 day moving average of $8.68 and a 200-day moving average of $7.08. The company has a market cap of $680.03 million, a P/E ratio of -8.55 and a beta of 3.45.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Research analysts anticipate that Sagimet Biosciences Inc. will post -1.2 EPS for the current year.

Insider Activity at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel sold 64,051 shares of Sagimet Biosciences stock in a transaction that occurred on Monday, July 20th. The shares were 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. The trade was a 7.95% decrease in their ownership of the stock. The sale 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. Also, insider Elizabeth Rozek sold 10,545 shares of the business’s 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 $81,829.20. Following the completion of the transaction, 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. 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 113,646 shares of company stock valued at $920,491 over the last three months. 11.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new position in shares of Sagimet Biosciences during the 1st quarter valued at about $105,000. Geode Capital Management LLC boosted its stake in Sagimet Biosciences by 0.6% in the second quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock worth $2,023,000 after buying an additional 1,600 shares in the last quarter. American Century Companies Inc. boosted its stake in Sagimet Biosciences by 8.9% in the second quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock worth $322,000 after buying an additional 3,454 shares in the last quarter. XTX Topco Ltd grew its position in Sagimet Biosciences by 137.0% during the second quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock valued at $195,000 after acquiring an additional 14,813 shares during the last quarter. Finally, Jump Financial LLC bought a new position in Sagimet Biosciences during the second quarter valued at approximately $1,130,000. 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.