Sagimet Biosciences (NASDAQ:SGMT) Given “Buy” Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $29.00 price target on the stock.

SGMT has been the topic of a number of other research reports. Citizens Jmp upped their target price on Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a report on Friday, November 14th. Wall Street Zen cut shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, November 14th. Guggenheim began coverage on shares of Sagimet Biosciences in a research report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 target price for the company. Finally, Zacks Research lowered shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Seven equities 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 company’s stock. According to data from MarketBeat.com, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $26.00.

Sagimet Biosciences Stock Up 3.8%

Shares of Sagimet Biosciences stock opened at $5.74 on Wednesday. Sagimet Biosciences has a 12 month low of $1.73 and a 12 month high of $11.41. The stock has a market cap of $186.68 million, a PE ratio of -3.22 and a beta of 3.35. The business has a fifty day simple moving average of $5.76 and a 200-day simple moving average of $6.65.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, March 11th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.13. Analysts expect that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Insider Activity

In other news, CEO David Happel sold 12,101 shares of Sagimet Biosciences stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $64,861.36. Following the completion of the sale, the chief executive officer directly owned 677,621 shares in the company, valued at $3,632,048.56. The trade was a 1.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in Sagimet Biosciences by 819.2% in the fourth 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 last quarter. China Universal Asset Management Co. Ltd. bought a new position in shares of Sagimet Biosciences during the 4th quarter valued at $30,000. Wedmont Private Capital bought a new position in shares of Sagimet Biosciences during the 4th quarter valued at $60,000. Virtu Financial LLC acquired a new stake in shares of Sagimet Biosciences in the 4th quarter valued at $62,000. Finally, Hamilton Lane Advisors LLC bought a new stake in Sagimet Biosciences in the fourth quarter worth $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.