Sagimet Biosciences’ (SGMT) “Buy” Rating Reaffirmed at HC Wainwright

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $29.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 365.49% from the company’s current price.

Other research analysts have also issued reports about the company. Citizens Jmp upped their target price on Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a research report on Friday, November 14th. Barclays initiated coverage on Sagimet Biosciences in a research note on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Thursday, January 22nd. Wall Street Zen downgraded shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Guggenheim initiated coverage on shares of Sagimet Biosciences in a report on Tuesday. They set a “buy” rating and a $27.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $26.00.

Sagimet Biosciences Stock Up 9.9%

Shares of NASDAQ:SGMT opened at $6.23 on Tuesday. The firm has a fifty day moving average of $6.17 and a two-hundred day moving average of $7.24. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41. The firm has a market capitalization of $202.60 million, a P/E ratio of -3.50 and a beta of 3.39.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.01. Equities research analysts expect that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal 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 on Thursday, November 20th. The shares were sold at an average price of $7.69, for a total transaction of $289,820.72. Following the completion of the transaction, the chairman owned 81,005 shares of the company’s stock, valued at $622,928.45. The trade was a 31.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 14.70% of the stock is owned by company insiders.

Institutional Trading of Sagimet Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. bought a new position in Sagimet Biosciences in the 4th quarter worth approximately $30,000. ANTIPODES PARTNERS Ltd bought a new stake in Sagimet Biosciences in the 2nd quarter valued at $41,000. Bank of America Corp DE boosted its holdings in Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after purchasing an additional 4,473 shares during the period. Wedmont Private Capital acquired a new stake in Sagimet Biosciences in the 4th quarter worth $60,000. Finally, Hamilton Lane Advisors LLC bought a new position in shares of Sagimet Biosciences during the 4th quarter worth about $66,000. 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.