Insider Selling: Sagimet Biosciences (NASDAQ:SGMT) Director Sells 18,844 Shares of Stock

Sagimet Biosciences Inc. (NASDAQ:SGMT) Director George Kemble sold 18,844 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $7.46, for a total transaction of $140,576.24. Following the completion of the sale, the director directly owned 62,161 shares of the company’s stock, valued at approximately $463,721.06. This represents a 23.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Sagimet Biosciences Trading Down 3.4%

Shares of NASDAQ SGMT traded down $0.25 during midday trading on Tuesday, hitting $7.20. The company’s stock had a trading volume of 119,898 shares, compared to its average volume of 1,149,948. Sagimet Biosciences Inc. has a 12-month low of $4.50 and a 12-month high of $10.27. The firm has a market cap of $234.61 million, a P/E ratio of -5.37 and a beta of 3.35. The business’s 50 day moving average is $7.10 and its two-hundred day moving average is $6.34.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.06. On average, 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 have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Sagimet Biosciences by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock valued at $8,254,000 after acquiring an additional 49,375 shares during the period. Affinity Asset Advisors LLC raised its stake in shares of Sagimet Biosciences by 228.1% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock valued at $6,798,000 after acquiring an additional 798,245 shares during the period. Marshall Wace LLP acquired a new position in Sagimet Biosciences in the 4th quarter valued at about $4,620,000. Millennium Management LLC raised its position in Sagimet Biosciences by 6,484.7% in the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock valued at $5,326,000 after purchasing an additional 788,537 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Sagimet Biosciences by 82.6% in the first quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock valued at $3,268,000 after buying an additional 282,969 shares in the last quarter. 87.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SGMT. Citizens Jmp dropped their target price 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. Oppenheimer reissued an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Friday, July 17th. Guggenheim dropped their price objective on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group upped their price target on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Sagimet Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $25.57.

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.