HC Wainwright Reiterates “Buy” Rating for Sagimet Biosciences (NASDAQ:SGMT)

by · The Markets Daily

Sagimet Biosciences (NASDAQ:SGMT – Get Free Report)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They currently have a $29.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 181.96% from the company’s current price.

A number of other research firms also recently weighed in on SGMT. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Citizens Jmp raised their target price on shares of Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research note on Friday, August 14th. Guggenheim lowered their target price on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Canaccord Genuity Group upped their price target on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Finally, Citigroup reiterated a “market outperform” rating on shares of Sagimet Biosciences in a research note on Friday, August 14th. Seven equities research 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

Get Our Latest Report on Sagimet Biosciences

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock traded up $0.07 during mid-day trading on Tuesday, reaching $10.29. The company’s stock had a trading volume of 242,875 shares, compared to its average volume of 1,175,461. The company has a market capitalization of $639.32 million, a price-to-earnings ratio of -8.04 and a beta of 3.37. Sagimet Biosciences has a 12 month low of $4.50 and a 12 month high of $11.15. The business’s 50 day simple moving average is $7.98 and its 200 day simple moving average is $6.76.

Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last announced its quarterly earnings data 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). As a group, sell-side analysts expect that Sagimet Biosciences will post -1.2 EPS for the current year.

Insiders Place Their Bets

In other news, insider Elizabeth Rozek sold 10,545 shares of the 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 transaction, the insider owned 224,414 shares in the company, valued at approximately $1,741,452.64. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 value of $497,035.76. Following the sale, the chief executive officer directly owned 741,570 shares of the company’s stock, valued at approximately $5,754,583.20. The trade was a 7.95% decrease in their ownership of the stock. 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. Insiders sold 113,646 shares of company stock worth $920,491 over the last three months. Insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC acquired a new position in shares of Sagimet Biosciences during the 1st quarter worth approximately $105,000. Geode Capital Management LLC raised its position in shares of Sagimet Biosciences by 0.6% in the second 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 in the last quarter. American Century Companies Inc. boosted its stake in shares of Sagimet Biosciences by 8.9% in the second quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after buying an additional 3,454 shares during the period. 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 worth $195,000 after buying an additional 14,813 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in Sagimet Biosciences during the second quarter worth approximately $1,130,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Company Profile

(Get Free Report)

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.

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