Sagimet Biosciences (NASDAQ:SGMT) Stock Price Up 5.4% – Time to Buy?

Sagimet Biosciences Inc. (NASDAQ:SGMT) shares traded up 5.4% during trading on Friday . The company traded as high as $6.29 and last traded at $6.28. 1,019,661 shares traded hands during mid-day trading, an increase of 64% from the average session volume of 622,508 shares. The stock had previously closed at $5.96.

Analysts Set New Price Targets

Several brokerages recently weighed in on SGMT. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Wednesday, October 8th. Zacks Research lowered shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Canaccord Genuity Group reissued a “buy” rating and set a $28.00 price objective on shares of Sagimet Biosciences in a research note on Thursday, October 2nd. Finally, Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, November 14th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.40.

Sagimet Biosciences Stock Performance

The stock has a market cap of $204.23 million, a PE ratio of -3.53 and a beta of 3.32. The firm has a 50-day moving average price of $7.31 and a 200-day moving average price of $7.64.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.01. As a group, sell-side analysts anticipate that Sagimet Biosciences Inc. will post -1.6 EPS for the current fiscal year.

Insider Activity at Sagimet Biosciences

In related news, Chairman George Kemble sold 37,688 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $7.69, for a total transaction of $289,820.72. Following the completion of the sale, the chairman owned 81,005 shares of the company’s stock, valued at $622,928.45. This trade represents a 31.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 14.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bailard Inc. bought a new stake in Sagimet Biosciences in the 2nd quarter worth about $221,000. Jasper Ridge Partners L.P. bought a new position in Sagimet Biosciences during the 1st quarter valued at about $62,000. OMERS ADMINISTRATION Corp boosted its holdings in shares of Sagimet Biosciences by 46.3% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company’s stock valued at $279,000 after acquiring an additional 27,100 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at about $143,000. Finally, Trexquant Investment LP bought a new stake in shares of Sagimet Biosciences in the first quarter worth approximately $85,000. 87.86% of the stock is owned by institutional investors.

Sagimet Biosciences Company Profile

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.