Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $29.40 Average Price Target from Analysts

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been given a consensus recommendation of “Moderate Buy” by the eight research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $29.40.

SGMT has been the topic of a number of research reports. Zacks Research cut Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Canaccord Genuity Group reiterated a “buy” rating and issued a $28.00 price objective on shares of Sagimet Biosciences in a report on Thursday, October 2nd. Citizens Jmp increased their target price on Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Friday, November 14th. Citigroup restated an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Wednesday, October 8th.

Sagimet Biosciences Trading Up 1.1%

Shares of SGMT opened at $6.35 on Friday. The company’s 50-day moving average price is $6.40 and its 200 day moving average price is $7.45. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41. The firm has a market cap of $206.50 million, a P/E ratio of -3.57 and a beta of 3.39.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly 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. Equities research analysts forecast 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 Sagimet Biosciences 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 completion of the transaction, the chairman owned 81,005 shares in the company, valued at approximately $622,928.45. The trade was a 31.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 14.70% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hamilton Lane Advisors LLC acquired a new position in shares of Sagimet Biosciences in the fourth quarter worth $66,000. Wedmont Private Capital purchased a new position in Sagimet Biosciences in the fourth quarter valued at $60,000. Qube Research & Technologies Ltd acquired a new position in Sagimet Biosciences during the 3rd quarter worth $733,000. Millennium Management LLC grew its stake in Sagimet Biosciences by 6,484.7% during 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. Finally, Bank of America Corp DE increased its holdings in Sagimet Biosciences by 158.6% during the 3rd quarter. Bank of America Corp DE now owns 25,708 shares of the company’s stock worth $176,000 after purchasing an additional 15,765 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.

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.