Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $25.5714.

SGMT has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a research note on Wednesday, March 11th. Citizens Jmp dropped their price target on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 19th. Guggenheim dropped their price target on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Rodman & Renshaw initiated coverage on shares of Sagimet Biosciences in a research report on Thursday, March 26th. They set a “buy” rating and a $28.00 price target on the stock. Finally, Canaccord Genuity Group boosted their price target on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, May 4th.

Institutional Trading of Sagimet Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in shares of Sagimet Biosciences by 819.2% during the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after buying an additional 4,391 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth approximately $30,000. Bank of America Corp DE raised its holdings in shares of Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock worth $76,000 after purchasing an additional 4,473 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth approximately $62,000. Finally, Wedmont Private Capital bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth approximately $60,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Stock Up 6.3%

Sagimet Biosciences stock opened at $7.10 on Tuesday. The firm has a 50-day moving average price of $6.89 and a two-hundred day moving average price of $6.11. The firm has a market capitalization of $231.32 million, a price-to-earnings ratio of -5.30 and a beta of 3.42. Sagimet Biosciences has a 52-week low of $4.50 and a 52-week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last posted 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. Research analysts expect that Sagimet Biosciences will post -1.15 earnings per share for the current year.

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.