Sagimet Biosciences (NASDAQ:SGMT) Stock Rating Upgraded by Cantor Fitzgerald

Sagimet Biosciences (NASDAQ:SGMT) was upgraded by equities researchers at Cantor Fitzgerald to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Other equities analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a report on Tuesday, August 25th. Citizens Jmp boosted their price objective on Sagimet Biosciences from $12.00 to $29.00 and gave the company a “market outperform” rating in a research report on Friday, August 14th. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $8.00 to $18.00 in a research report on Wednesday. Citigroup restated a “market outperform” rating on shares of Sagimet Biosciences in a research note on Friday, August 14th. Finally, Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sagimet Biosciences has an average rating of “Moderate Buy” and a consensus price target of $27.96.

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $10.86 on Wednesday. The company has a 50-day simple moving average of $8.87 and a 200-day simple moving average of $7.21. The firm has a market capitalization of $675.06 million, a P/E ratio of -8.48 and a beta of 3.45. Sagimet Biosciences has a 52 week low of $4.50 and a 52 week high of $11.27.

Sagimet Biosciences (NASDAQ:SGMT) last released its 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). As a group, equities analysts forecast that Sagimet Biosciences will post -1.2 earnings per share for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, Director George Kemble sold 20,206 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $9.95, for a total transaction of $201,049.70. Following the sale, the director directly owned 62,161 shares of the company’s stock, valued at approximately $618,501.95. The trade was a 24.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Happel sold 64,051 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $497,035.76. Following the completion of the sale, the chief executive officer owned 741,570 shares in the company, valued at approximately $5,754,583.20. This represents a 7.95% decrease in their ownership of the stock. 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 sold 113,646 shares of company stock valued at $920,491 over the last quarter. Corporate insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of SGMT. Royal Bank of Canada boosted its stake in Sagimet Biosciences by 819.2% in the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after buying an additional 4,391 shares in the last quarter. California State Teachers Retirement System acquired a new position in Sagimet Biosciences during the second quarter worth $48,000. Virtu Financial LLC acquired a new position in Sagimet Biosciences during the fourth quarter worth $62,000. Bank of America Corp DE raised its stake in Sagimet Biosciences by 81.8% during the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock worth $76,000 after acquiring an additional 4,473 shares in the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of Sagimet Biosciences during the third quarter valued at $95,000. 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.