Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $26.25 Average Price Target from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $26.00.

SGMT has been the topic of several recent analyst reports. Oppenheimer reissued an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday. Wall Street Zen raised shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. 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 note on Wednesday, April 29th. Barclays started coverage on shares of 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. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Wednesday, March 11th.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel sold 12,101 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $5.36, for a total transaction of $64,861.36. Following the transaction, the chief executive officer directly owned 677,621 shares of the company’s stock, valued at $3,632,048.56. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 14.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds have recently bought and sold shares of SGMT. Royal Bank of Canada boosted its holdings in Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after acquiring an additional 4,391 shares during the period. China Universal Asset Management Co. Ltd. bought a new stake in Sagimet Biosciences during the fourth quarter valued at about $30,000. Bank of America Corp DE boosted 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 valued at $76,000 after acquiring an additional 4,473 shares during the period. Virtu Financial LLC bought a new stake in Sagimet Biosciences during the fourth quarter valued at about $62,000. Finally, Wedmont Private Capital bought a new stake in Sagimet Biosciences during the fourth quarter valued at about $60,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Sagimet Biosciences Price Performance

SGMT opened at $7.61 on Monday. The company has a market capitalization of $247.93 million, a price-to-earnings ratio of -4.85 and a beta of 3.60. Sagimet Biosciences has a 1-year low of $3.08 and a 1-year high of $11.41. The business has a 50 day moving average price of $5.69 and a two-hundred day moving average price of $6.28.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, March 11th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.14. Equities analysts expect that Sagimet Biosciences will post -1.51 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.