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

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average recommendation of “Moderate Buy” by the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $25.5714.

SGMT has been the topic of a number of recent analyst reports. Wall Street Zen raised Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of Sagimet Biosciences in a report on Wednesday, March 11th. Guggenheim reduced their price objective on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Citizens Jmp decreased their price objective on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 19th. Finally, Canaccord Genuity Group increased their price objective on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a research report on Monday, May 4th.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $6.47 on Tuesday. The stock has a 50-day simple moving average of $6.76 and a 200 day simple moving average of $6.12. The stock has a market capitalization of $210.79 million, a P/E ratio of -4.83 and a beta of 3.42. Sagimet Biosciences has a 52 week low of $4.50 and a 52 week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.06. Research analysts forecast that Sagimet Biosciences will post -1.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in Sagimet Biosciences by 819.2% in the 4th 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 period. China Universal Asset Management Co. Ltd. bought a new stake in shares of Sagimet Biosciences in the fourth quarter valued at about $30,000. Wedmont Private Capital bought a new stake in Sagimet Biosciences in the 4th quarter valued at about $60,000. Virtu Financial LLC acquired a new stake in Sagimet Biosciences during the fourth quarter worth approximately $62,000. Finally, Hamilton Lane Advisors LLC acquired a new position in Sagimet Biosciences in the 4th quarter valued at $66,000. 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.