Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) PT at $29.40

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given an average recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $29.40.

A number of equities analysts have recently issued reports on the stock. Citigroup restated an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, November 14th. 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 upped their target price on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a report on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $28.00 price target on shares of Sagimet Biosciences in a research report on Thursday, October 2nd.

Insider Activity

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 stock was sold at an average price of $7.69, for a total value of $289,820.72. Following the transaction, the chairman owned 81,005 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Insiders own 14.70% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ANTIPODES PARTNERS Ltd purchased a new position in Sagimet Biosciences during the 2nd quarter worth $41,000. Wedmont Private Capital purchased a new stake in shares of Sagimet Biosciences in the fourth quarter valued at about $60,000. Hamilton Lane Advisors LLC acquired a new position in shares of Sagimet Biosciences during the fourth quarter worth about $66,000. Bank of America Corp DE raised its holdings in Sagimet Biosciences by 81.8% during the second 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. Finally, Jefferies Financial Group Inc. acquired a new stake in Sagimet Biosciences in the third quarter valued at about $95,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Stock Performance

SGMT opened at $6.14 on Friday. Sagimet Biosciences has a one year low of $1.73 and a one year high of $11.41. The stock has a market capitalization of $199.67 million, a P/E ratio of -3.45 and a beta of 3.39. The business’s 50-day simple moving average is $6.34 and its 200-day simple moving average is $7.42.

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

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.