Guggenheim Initiates Coverage on Sagimet Biosciences (NASDAQ:SGMT)

Analysts at Guggenheim initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report issued on Tuesday. The brokerage set a “buy” rating and a $27.00 price target on the stock. Guggenheim’s price target suggests a potential upside of 333.39% from the company’s current price.

Several other brokerages have also issued reports on SGMT. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, November 14th. Citizens Jmp raised their price objective on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a report on Friday, November 14th. Zacks Research lowered shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Wall Street Zen downgraded shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $26.00.

Sagimet Biosciences Stock Up 9.9%

Sagimet Biosciences stock opened at $6.23 on Tuesday. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41. The company’s 50 day moving average price is $6.17 and its two-hundred day moving average price is $7.24. The stock has a market cap of $202.60 million, a P/E ratio of -3.50 and a beta of 3.39.

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

Insider Buying and Selling at Sagimet Biosciences

In other news, Chairman George Kemble sold 37,688 shares of the business’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 value of $289,820.72. Following the sale, the chairman owned 81,005 shares of the company’s stock, valued at $622,928.45. The trade was a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 14.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Sagimet Biosciences during the fourth quarter worth $30,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at $41,000. Wedmont Private Capital bought a new stake in shares of Sagimet Biosciences during the 4th quarter valued at $60,000. Hamilton Lane Advisors LLC purchased a new stake in Sagimet Biosciences during the 4th quarter worth about $66,000. Finally, Bank of America Corp DE boosted its stake in 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 during the period. 87.86% of the stock is currently owned by hedge funds and other 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.