Sagimet Biosciences (NASDAQ:SGMT) Earns Buy Rating from HC Wainwright

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They currently have a $29.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 443.07% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Thursday, January 22nd. Guggenheim started coverage on Sagimet Biosciences in a research report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 price target for the company. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, November 14th. Citizens Jmp increased their target price on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a research note on Friday, November 14th. Finally, Wall Street Zen lowered shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Seven research 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Sagimet Biosciences Stock Down 7.0%

Sagimet Biosciences stock opened at $5.34 on Wednesday. Sagimet Biosciences has a 52-week low of $1.73 and a 52-week high of $11.41. The firm’s fifty day moving average is $5.74 and its 200 day moving average is $6.64. The company has a market cap of $173.66 million, a price-to-earnings ratio of -3.40 and a beta of 3.35.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Wednesday, March 11th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.14. On average, equities research analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO David Happel sold 12,101 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total value of $64,861.36. Following the completion of the sale, the chief executive officer owned 677,621 shares in the company, valued at approximately $3,632,048.56. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 14.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in Sagimet Biosciences by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock valued at $2,023,000 after purchasing an additional 1,600 shares during the period. Landscape Capital Management L.L.C. lifted its position in shares of Sagimet Biosciences by 14.1% in the 4th quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company’s stock worth $153,000 after purchasing an additional 3,198 shares during the period. HighTower Advisors LLC boosted its stake in shares of Sagimet Biosciences by 10.1% during the fourth quarter. HighTower Advisors LLC now owns 37,189 shares of the company’s stock valued at $220,000 after purchasing an additional 3,408 shares in the last quarter. American Century Companies Inc. increased its holdings in Sagimet Biosciences by 8.9% during the second quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after buying an additional 3,454 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Sagimet Biosciences by 819.2% in the 4th 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. 87.86% of the stock is currently owned by 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.