Sagimet Biosciences (NASDAQ:SGMT) Upgraded to “Hold” at Barclays

Barclays upgraded shares of Sagimet Biosciences (NASDAQ:SGMT) to a hold rating in a report published on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, January 22nd. Citizens Jmp increased their target price on Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a research report on Friday, November 14th. Zacks Research cut Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Wall Street Zen downgraded shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $28.00 target price on shares of Sagimet Biosciences in a research report on Thursday, October 2nd. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.83.

Sagimet Biosciences Trading Down 8.3%

Shares of SGMT stock traded down $0.49 on Tuesday, reaching $5.37. 3,082,092 shares of the company’s stock were exchanged, compared to its average volume of 688,970. The company’s fifty day simple moving average is $6.23 and its 200 day simple moving average is $7.34. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41. The stock has a market capitalization of $174.73 million, a PE ratio of -3.03 and a beta of 3.39.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Thursday, November 13th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.01. As a group, sell-side analysts predict 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 that occurred on Thursday, November 20th. The stock was sold at an average price of $7.69, for a total value of $289,820.72. Following the completion of the transaction, the chairman directly owned 81,005 shares of the company’s stock, valued at approximately $622,928.45. The trade was a 31.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. acquired a new position in Sagimet Biosciences in the 4th quarter worth about $30,000. ANTIPODES PARTNERS Ltd purchased a new stake in Sagimet Biosciences in the 2nd quarter worth $41,000. Wedmont Private Capital purchased a new position in Sagimet Biosciences during the fourth quarter valued at $60,000. Hamilton Lane Advisors LLC purchased a new stake in shares of Sagimet Biosciences during the fourth quarter worth about $66,000. Finally, 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 worth $76,000 after buying an additional 4,473 shares during the last quarter. Institutional investors and hedge funds 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.