Sagimet Biosciences (NASDAQ:SGMT) Coverage Initiated by Analysts at Guggenheim

Guggenheim initiated coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research report released on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $27.00 price objective on the stock.

SGMT has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Thursday, January 22nd. Zacks Research cut shares of 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 report on Friday, November 14th. Wall Street Zen cut shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Citizens Jmp increased their price objective on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a research report on Friday, November 14th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sagimet Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Sagimet Biosciences Stock Up 5.3%

NASDAQ:SGMT opened at $6.56 on Tuesday. The stock has a market cap of $213.33 million, a price-to-earnings ratio of -3.69 and a beta of 3.39. The company’s 50 day moving average price is $6.16 and its 200-day moving average price is $7.22. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data 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. As a group, sell-side analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Buying and Selling at Sagimet Biosciences

In related news, Chairman George Kemble sold 37,688 shares of the firm’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 transaction, the chairman owned 81,005 shares of the company’s stock, valued at approximately $622,928.45. This trade represents a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 14.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC increased its stake in shares of Sagimet Biosciences by 6,484.7% in the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after purchasing an additional 788,537 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in Sagimet Biosciences by 462.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock valued at $3,593,000 after purchasing an additional 430,644 shares during the period. Bridgeway Capital Management LLC increased its position in Sagimet Biosciences by 231.6% in the second quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock worth $3,146,000 after buying an additional 288,341 shares in the last quarter. Jump Financial LLC purchased a new stake in Sagimet Biosciences in the second quarter worth about $1,130,000. Finally, AlphaQuest LLC bought a new position in shares of Sagimet Biosciences in the third quarter worth about $804,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.