Key Points
- CEO David Happel sold 64,051 Sagimet shares for approximately $497,000 at an average price of $7.76, reducing his direct stake by 7.95% to 741,570 shares. The sale was made to cover tax withholding obligations from vested equity awards.
- Sagimet shares opened at $7.27, with a market capitalization of about $236.9 million, and have traded between $4.50 and $10.27 over the past year. The company recently beat quarterly EPS expectations, reporting a loss of $0.33 versus the $0.39 consensus estimate.
- Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $25.57, although targets vary widely and one rating is a sell. Institutional investors own approximately 87.86% of the company.
Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) insider Elizabeth Rozek sold 10,545 shares of the company's 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 transaction, the insider directly owned 224,414 shares in the company, valued at $1,741,452.64. This trade represents a 4.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Sagimet Biosciences Stock Down 2.4%
Shares of SGMT stock opened at $7.27 on Wednesday. The stock has a 50-day moving average price of $7.12 and a 200 day moving average price of $6.36. The firm has a market cap of $236.86 million, a price-to-earnings ratio of -5.43 and a beta of 3.35. Sagimet Biosciences Inc. has a 12 month low of $4.50 and a 12 month high of $10.27.
Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.39) by $0.06. Sell-side analysts predict that Sagimet Biosciences Inc. will post -1.15 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings 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 purchasing an additional 1,600 shares during the period. Landscape Capital Management L.L.C. raised its holdings in Sagimet Biosciences by 14.1% in the fourth 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 during the period. HighTower Advisors LLC raised its holdings in Sagimet Biosciences by 10.1% in the fourth quarter. HighTower Advisors LLC now owns 37,189 shares of the company's stock worth $220,000 after purchasing an additional 3,408 shares during the period. American Century Companies Inc. boosted its position in shares of Sagimet Biosciences by 8.9% during the second quarter. American Century Companies Inc. now owns 42,285 shares of the company's stock worth $322,000 after purchasing an additional 3,454 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company's stock worth $29,000 after purchasing an additional 4,391 shares in the last quarter. Institutional investors own 87.86% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on SGMT shares. Citizens Jmp reduced their price objective on shares of Sagimet Biosciences from $35.00 to $12.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 19th. Oppenheimer reiterated an "outperform" rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Guggenheim reduced their price target on Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Finally, Canaccord Genuity Group lifted their price objective on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $25.57.
Read Our Latest Stock Analysis on SGMT
About Sagimet Biosciences
(
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.
Further Reading
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