Sagimet Biosciences (NASDAQ:SGMT) Trading Down 1.2% – What’s Next?

Sagimet Biosciences Inc. (NASDAQ:SGMT)’s stock price traded down 1.2% on Thursday . The company traded as low as $7.21 and last traded at $7.35. Approximately 573,020 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,426,213 shares. The stock had previously closed at $7.44.

Analyst Ratings Changes

SGMT has been the topic of several recent research reports. Citizens Jmp dropped 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 research note on Tuesday, May 19th. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Canaccord Genuity Group boosted their price target on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Rodman & Renshaw began coverage on shares of Sagimet Biosciences in a research note on Thursday, March 26th. They set a “buy” rating and a $28.00 price target on the stock. Finally, Guggenheim cut their price target on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.57.

Sagimet Biosciences Price Performance

The stock has a 50 day moving average of $7.17 and a two-hundred day moving average of $6.22. The stock has a market capitalization of $239.46 million, a PE ratio of -5.49 and a beta of 3.35.

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, topping the consensus estimate of ($0.39) by $0.06. As a group, research analysts predict that Sagimet Biosciences Inc. will post -1.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sagimet Biosciences

A number of large investors have recently made changes to their positions in SGMT. Affinity Asset Advisors LLC lifted its stake in shares of Sagimet Biosciences by 228.1% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock valued at $6,798,000 after purchasing an additional 798,245 shares during the period. Millennium Management LLC boosted its holdings 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 buying an additional 788,537 shares in the last quarter. Marshall Wace LLP acquired a new position in Sagimet Biosciences during the fourth quarter worth about $4,620,000. Schonfeld Strategic Advisors LLC grew its position in Sagimet Biosciences by 462.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock worth $3,593,000 after buying an additional 430,644 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new position in Sagimet Biosciences in the fourth quarter valued at about $1,802,000. Hedge funds and other institutional investors 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.