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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $25.5714.

A number of equities research analysts recently weighed in on SGMT shares. Oppenheimer restated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Canaccord Genuity Group raised their target price on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Tuesday, April 21st. Rodman & Renshaw started coverage on shares of Sagimet Biosciences in a research note on Thursday, March 26th. They issued a “buy” rating and a $28.00 price target for the company. Finally, Citizens Jmp decreased their price objective on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating for the company in a report on Tuesday, May 19th.

Institutional Investors Weigh In On Sagimet Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC increased its position in shares of Sagimet Biosciences by 228.1% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock valued at $6,798,000 after purchasing an additional 798,245 shares during the period. Millennium Management LLC lifted its holdings in shares of Sagimet Biosciences by 6,484.7% in the third quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock valued at $5,326,000 after buying an additional 788,537 shares during the period. Marshall Wace LLP bought a new position in Sagimet Biosciences during the fourth quarter valued at about $4,620,000. Schonfeld Strategic Advisors LLC grew its holdings in Sagimet Biosciences by 462.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock worth $3,593,000 after acquiring an additional 430,644 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new position in Sagimet Biosciences during the fourth quarter worth about $1,802,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Price Performance

SGMT opened at $7.65 on Friday. Sagimet Biosciences has a 12 month low of $4.50 and a 12 month high of $11.41. The stock has a market cap of $249.24 million, a P/E ratio of -5.71 and a beta of 3.35. The stock’s 50 day moving average price is $7.12 and its 200 day moving average price is $6.27.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly 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. Equities analysts anticipate that Sagimet Biosciences will post -1.15 EPS for the current year.

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.