Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $26.00.

A number of analysts have recently commented on SGMT shares. Wall Street Zen downgraded Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Citigroup restated an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, November 14th. Guggenheim assumed coverage on shares of Sagimet Biosciences in a research report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of Sagimet Biosciences in a report on Tuesday, February 3rd. Finally, Zacks Research lowered Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th.

Sagimet Biosciences Stock Up 3.5%

Shares of SGMT opened at $5.64 on Wednesday. The company has a 50 day moving average of $6.04 and a two-hundred day moving average of $7.08. The company has a market cap of $183.41 million, a price-to-earnings ratio of -3.17 and a beta of 3.39. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.01. On average, sell-side analysts expect that Sagimet Biosciences will post -1.6 EPS for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, Chairman George Kemble sold 37,688 shares of the business’s stock in a transaction dated 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 directly owned 81,005 shares in the company, valued at $622,928.45. The trade was a 31.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 14.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SGMT. China Universal Asset Management Co. Ltd. purchased a new position in Sagimet Biosciences during the 4th quarter worth $30,000. ANTIPODES PARTNERS Ltd purchased a new position in Sagimet Biosciences during the second quarter worth $41,000. Wedmont Private Capital purchased a new position in Sagimet Biosciences in the 4th quarter valued at about $60,000. Hamilton Lane Advisors LLC acquired a new stake in Sagimet Biosciences during the fourth quarter worth approximately $66,000. Finally, Bank of America Corp DE lifted its position 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 buying an additional 4,473 shares during the period. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.