Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $26.00.

SGMT has been the topic of a number of research reports. Zacks Research lowered Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Wall Street Zen cut shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, January 22nd. Guggenheim started coverage on shares of Sagimet Biosciences in a research report on Tuesday, February 3rd. They set a “buy” rating and a $27.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $29.00 price objective on shares of Sagimet Biosciences in a research note on Tuesday, February 3rd.

Sagimet Biosciences Stock Down 0.7%

Shares of NASDAQ:SGMT opened at $5.41 on Friday. 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 $175.93 million, a PE ratio of -3.04 and a beta of 3.35. The business has a 50 day moving average of $5.78 and a 200-day moving average of $6.68.

Insider Activity at Sagimet Biosciences

In other news, CEO David Happel sold 12,101 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $5.36, for a total transaction of $64,861.36. Following the transaction, the chief executive officer directly owned 677,621 shares of the company’s stock, valued at approximately $3,632,048.56. This trade represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

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