Sagimet Biosciences (NASDAQ:SGMT) Research Coverage Started at Guggenheim

Guggenheim initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $27.00 target price on the stock.

Other equities research analysts have also recently issued reports about the company. Barclays began coverage on Sagimet Biosciences in a research note on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 price target on the stock. Wall Street Zen downgraded shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Citizens Jmp increased their price target on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, January 22nd. Finally, Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, November 14th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Sagimet Biosciences Price Performance

SGMT stock opened at $5.44 on Tuesday. Sagimet Biosciences has a 1 year low of $1.73 and a 1 year high of $11.41. The firm has a 50-day moving average of $6.11 and a 200 day moving average of $7.20. The company has a market cap of $176.91 million, a P/E ratio of -3.06 and a beta of 3.39.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.01. On average, equities research analysts expect that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sagimet Biosciences news, Chairman George Kemble sold 37,688 shares of the firm’s stock in a transaction dated 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 directly owned 81,005 shares in the company, valued at approximately $622,928.45. This trade represents a 31.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake 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 worth $2,023,000 after purchasing an additional 1,600 shares during the last quarter. American Century Companies Inc. lifted its stake in Sagimet Biosciences by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after acquiring an additional 3,454 shares during the period. Bank of America Corp DE boosted its holdings in shares of Sagimet Biosciences by 81.8% during the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after acquiring an additional 4,473 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Sagimet Biosciences during the 4th quarter valued at about $30,000. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of Sagimet Biosciences in the second quarter worth approximately $41,000. Hedge funds and other 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.