Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $29.40 Consensus Price Target from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $29.40.

SGMT has been the subject of a number of research reports. Canaccord Genuity Group restated a “buy” rating and issued a $28.00 price target on shares of Sagimet Biosciences in a report on Thursday, October 2nd. Zacks Research downgraded Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, November 14th. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Citizens Jmp boosted their price objective on Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a report on Friday, November 14th.

Insider Buying and Selling

In other Sagimet Biosciences news, Chairman George Kemble sold 37,688 shares of the business’s stock in a transaction 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 in the company, valued at approximately $622,928.45. The trade was a 31.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 14.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. acquired a new stake in shares of Sagimet Biosciences in the 1st quarter worth about $49,000. American Century Companies Inc. increased its holdings in Sagimet Biosciences by 93.2% during the 1st quarter. American Century Companies Inc. now owns 38,831 shares of the company’s stock worth $127,000 after purchasing an additional 18,728 shares in the last quarter. OMERS ADMINISTRATION Corp raised its stake in shares of Sagimet Biosciences by 46.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 85,600 shares of the company’s stock worth $279,000 after purchasing an additional 27,100 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of Sagimet Biosciences in the first quarter worth approximately $85,000. Finally, NewEdge Advisors LLC bought a new position in shares of Sagimet Biosciences in the first quarter valued at approximately $105,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $5.91 on Tuesday. Sagimet Biosciences has a 52-week low of $1.73 and a 52-week high of $11.41. The business’s 50 day moving average price is $7.12 and its two-hundred day moving average price is $7.69. The firm has a market cap of $192.19 million, a PE ratio of -3.32 and a beta of 3.32.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.01. Research analysts predict that Sagimet Biosciences will post -1.6 EPS for the current fiscal 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.