Sagimet Biosciences (NASDAQ:SGMT) Stock Price Down 1.2% – Should You Sell?

Sagimet Biosciences Inc. (NASDAQ:SGMT)’s share price dropped 1.2% during mid-day trading on Thursday . The stock traded as low as $7.21 and last traded at $7.35. Approximately 573,020 shares were traded during mid-day trading, a decline of 60% from the average session volume of 1,426,213 shares. The stock had previously closed at $7.44.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SGMT. Oppenheimer restated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Rodman & Renshaw began coverage on shares of Sagimet Biosciences in a research note on Thursday, March 26th. They set a “buy” rating and a $28.00 price target for the company. Canaccord Genuity Group lifted their price objective on Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a report on Monday, May 4th. Wall Street Zen upgraded Sagimet Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Guggenheim dropped their target price on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Sagimet Biosciences has a consensus rating of “Moderate Buy” and an average price target of $25.57.

Sagimet Biosciences Stock Performance

The company’s 50 day moving average price is $7.15 and its 200 day moving average price is $6.23. The company has a market cap of $240.11 million, a price-to-earnings ratio of -5.50 and a beta of 3.35.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. As a group, analysts predict that Sagimet Biosciences Inc. will post -1.15 EPS for the current year.

Institutional Investors Weigh In On Sagimet Biosciences

A number of large investors have recently bought and sold shares of SGMT. Royal Bank of Canada increased its holdings in Sagimet Biosciences by 819.2% during the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after purchasing an additional 4,391 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in Sagimet Biosciences in the fourth quarter worth $30,000. Wedmont Private Capital acquired a new position in Sagimet Biosciences in the fourth quarter worth $60,000. Virtu Financial LLC bought a new stake in shares of Sagimet Biosciences during the fourth quarter worth $62,000. Finally, Hamilton Lane Advisors LLC bought a new stake in shares of Sagimet Biosciences during the fourth quarter worth $66,000. 87.86% of the stock is currently owned by institutional investors.

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.