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

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) have been assigned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $25.75.

A number of brokerages have weighed in on SGMT. Canaccord Genuity Group lifted their price target 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. Citizens Jmp cut their price target on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, May 19th. Rodman & Renshaw began 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 on the stock. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Tuesday, April 21st.

Institutional Trading of Sagimet Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SGMT. NewEdge Advisors LLC acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at approximately $105,000. Geode Capital Management LLC raised its holdings in shares of Sagimet Biosciences by 0.6% in the second quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock valued at $2,023,000 after purchasing an additional 1,600 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Sagimet Biosciences by 8.9% in the second quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after purchasing an additional 3,454 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Sagimet Biosciences by 137.0% in the second quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock valued at $195,000 after purchasing an additional 14,813 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Sagimet Biosciences in the second quarter valued at approximately $1,130,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Stock Performance

Shares of SGMT opened at $7.27 on Friday. Sagimet Biosciences has a twelve month low of $3.32 and a twelve month high of $11.41. The firm’s 50 day moving average price is $6.32 and its two-hundred day moving average price is $6.20. The firm has a market cap of $236.86 million, a P/E ratio of -5.43 and a beta of 3.60.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. On average, sell-side analysts anticipate that Sagimet Biosciences will post -1.15 earnings per share for the current fiscal 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.