Sagimet Biosciences (NASDAQ:SGMT) Shares Down 0.2% – Here’s What Happened

Sagimet Biosciences Inc. (NASDAQ:SGMT)’s share price traded down 0.2% during trading on Monday . The company traded as low as $6.45 and last traded at $6.47. 605,457 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 706,121 shares. The stock had previously closed at $6.48.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of Sagimet Biosciences in a research note on Wednesday, March 11th. Oppenheimer reissued an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Guggenheim decreased their price objective on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Citizens Jmp lowered their target price on Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 19th. Finally, Canaccord Genuity Group increased their target price on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.57.

Sagimet Biosciences Price Performance

The firm’s fifty day moving average is $6.76 and its two-hundred day moving average is $6.12. The firm has a market capitalization of $210.79 million, a PE ratio of -4.83 and a beta of 3.42.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.06. As a group, equities research analysts predict that Sagimet Biosciences Inc. will post -1.15 EPS for the current fiscal year.

Institutional Trading of Sagimet Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of SGMT. Royal Bank of Canada boosted its position in Sagimet Biosciences by 819.2% in the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after purchasing an additional 4,391 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Sagimet Biosciences during the 4th quarter worth $30,000. Bank of America Corp DE boosted its holdings in shares of 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. Virtu Financial LLC purchased a new position in shares of Sagimet Biosciences in the 4th quarter worth about $62,000. Finally, Wedmont Private Capital bought a new position in Sagimet Biosciences during the fourth quarter valued at about $60,000. 87.86% of the stock is owned by hedge funds and other 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.