Canaccord Genuity Group Raises Sagimet Biosciences (NASDAQ:SGMT) Price Target to $49.00

Sagimet Biosciences (NASDAQ:SGMT) had its target price upped by analysts at Canaccord Genuity Group from $28.00 to $49.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other equities research analysts have also issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of Sagimet Biosciences in a research report on Wednesday, March 11th. Barclays began coverage on Sagimet Biosciences in a research report on Tuesday, January 27th. They set an “equal weight” rating and a $8.00 target price for the company. Wall Street Zen upgraded Sagimet Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Oppenheimer reiterated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday. Finally, Rodman & Renshaw began coverage on Sagimet Biosciences in a research note on Thursday, March 26th. They set a “buy” rating and a $28.00 price target for the company. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sagimet Biosciences has an average rating of “Moderate Buy” and an average target price of $28.63.

Sagimet Biosciences Price Performance

Shares of Sagimet Biosciences stock traded up $0.09 during trading hours on Monday, hitting $7.70. 290,916 shares of the company’s stock traded hands, compared to its average volume of 1,193,238. Sagimet Biosciences has a 12-month low of $3.08 and a 12-month high of $11.41. The stock has a market capitalization of $250.87 million, a price-to-earnings ratio of -4.90 and a beta of 3.60. The company has a fifty day simple moving average of $5.69 and a 200-day simple moving average of $6.28.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Wednesday, March 11th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.14. On average, analysts forecast that Sagimet Biosciences will post -1.51 EPS for the current fiscal year.

Insider Buying and Selling at Sagimet Biosciences

In other news, CEO David Happel sold 12,101 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 677,621 shares in the company, valued at approximately $3,632,048.56. This represents a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 14.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new position in Sagimet Biosciences in the 4th quarter worth about $62,000. XTX Topco Ltd boosted its stake in Sagimet Biosciences by 53.6% in the 4th quarter. XTX Topco Ltd now owns 91,737 shares of the company’s stock worth $543,000 after purchasing an additional 32,003 shares during the period. 683 Capital Management LLC bought a new position in Sagimet Biosciences in the 4th quarter worth about $748,000. Royal Bank of Canada boosted its stake in Sagimet Biosciences by 819.2% in the 4th 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 period. Finally, Squarepoint Ops LLC boosted its stake in Sagimet Biosciences by 141.6% in the 4th quarter. Squarepoint Ops LLC now owns 84,733 shares of the company’s stock worth $502,000 after purchasing an additional 49,668 shares during the period. Institutional investors own 87.86% of the company’s stock.

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.