Sagimet Biosciences (NASDAQ:SGMT) Stock Price Up 5.4% – What’s Next?

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) were up 5.4% during trading on Friday . The company traded as high as $6.29 and last traded at $6.28. Approximately 1,019,661 shares were traded during mid-day trading, an increase of 64% from the average daily volume of 622,508 shares. The stock had previously closed at $5.96.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SGMT shares. Zacks Research downgraded Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $28.00 price objective on shares of Sagimet Biosciences in a research report on Thursday, October 2nd. Citigroup reissued an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, November 14th. Citizens Jmp raised their target price on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Friday, November 14th. Finally, Wall Street Zen downgraded shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Sagimet Biosciences has an average rating of “Moderate Buy” and an average price target of $29.40.

Sagimet Biosciences Trading Up 5.4%

The stock’s 50-day simple moving average is $7.31 and its 200-day simple moving average is $7.67. The stock has a market cap of $204.23 million, a price-to-earnings ratio of -3.53 and a beta of 3.32.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.01. On average, equities research analysts forecast that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current year.

Insider Activity

In related news, Chairman George Kemble sold 37,688 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $7.69, for a total value of $289,820.72. Following the sale, the chairman directly owned 81,005 shares of the company’s stock, valued at $622,928.45. This trade represents a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Sagimet Biosciences

Hedge funds have recently made changes to their positions in the stock. Qube Research & Technologies Ltd acquired a new stake in Sagimet Biosciences in the third quarter valued at approximately $733,000. Millennium Management LLC lifted its stake in shares of Sagimet Biosciences by 6,484.7% in 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 last quarter. Bank of America Corp DE boosted its holdings in shares of Sagimet Biosciences by 158.6% during the 3rd quarter. Bank of America Corp DE now owns 25,708 shares of the company’s stock valued at $176,000 after acquiring an additional 15,765 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its position in 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 acquiring an additional 430,644 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in Sagimet Biosciences by 5.1% during the 3rd quarter. Raymond James Financial Inc. now owns 278,246 shares of the company’s stock worth $1,909,000 after acquiring an additional 13,571 shares during the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Company Profile

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.