Rodman & Renshaw Initiates Coverage on Sagimet Biosciences (NASDAQ:SGMT)

Research analysts at Rodman & Renshaw started coverage on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note issued on Thursday, MarketBeat reports. The firm set a “buy” rating and a $28.00 price target on the stock. Rodman & Renshaw’s price objective points to a potential upside of 472.60% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, January 22nd. Guggenheim initiated coverage on shares of Sagimet Biosciences in a research note on Tuesday, February 3rd. They set a “buy” rating and a $27.00 price target on the stock. Barclays started coverage on shares of Sagimet Biosciences in a report on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 price objective on the stock. Wall Street Zen raised shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a research note on Wednesday, March 11th. Eight 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. According to data from MarketBeat, Sagimet Biosciences currently has an average rating of “Moderate Buy” and an average target price of $26.25.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $4.89 on Thursday. The stock’s 50 day moving average price is $5.52 and its 200 day moving average price is $6.45. The firm has a market capitalization of $159.32 million, a PE ratio of -3.11 and a beta of 3.35. Sagimet Biosciences has a one year low of $1.73 and a one year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings results on Wednesday, March 11th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.14. On average, analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sagimet Biosciences news, CEO David Happel sold 12,101 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $64,861.36. Following the sale, the chief executive officer owned 677,621 shares in the company, valued at $3,632,048.56. This represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 14.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

A number of institutional investors have recently made changes to their positions in SGMT. Affinity Asset Advisors LLC raised 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 acquiring an additional 798,245 shares in the last quarter. Millennium Management LLC lifted its stake in Sagimet Biosciences by 6,484.7% during the third quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after purchasing an additional 788,537 shares during the last quarter. Marshall Wace LLP acquired a new position in Sagimet Biosciences in the fourth quarter worth $4,620,000. Schonfeld Strategic Advisors LLC boosted its holdings in Sagimet Biosciences by 462.4% in the third 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 during the period. Finally, Hudson Bay Capital Management LP bought a new stake in Sagimet Biosciences during the fourth quarter valued at $1,802,000. 87.86% of the stock is currently owned by institutional investors.

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.