Citizens Jmp Has Lowered Expectations for Sagimet Biosciences (NASDAQ:SGMT) Stock Price

Sagimet Biosciences (NASDAQ:SGMT) had its target price reduced by equities researchers at Citizens Jmp from $35.00 to $12.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s target price would indicate a potential upside of 84.05% from the company’s previous close.

A number of other research firms have also recently issued reports on SGMT. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a report on Wednesday, March 11th. Rodman & Renshaw started coverage on Sagimet Biosciences in a research note on Thursday, March 26th. They issued a “buy” rating and a $28.00 price target on the stock. Canaccord Genuity Group lifted their price objective on Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Oppenheimer reissued an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Sagimet Biosciences Stock Down 2.1%

NASDAQ SGMT opened at $6.52 on Tuesday. The company has a 50-day moving average price of $6.06 and a 200-day moving average price of $6.25. Sagimet Biosciences has a 52 week low of $3.15 and a 52 week high of $11.41. The firm has a market capitalization of $212.42 million, a P/E ratio of -4.86 and a beta of 3.60.

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

Hedge Funds Weigh In On Sagimet Biosciences

Several institutional investors have recently bought and sold shares of SGMT. Royal Bank of Canada raised its position in Sagimet Biosciences by 819.2% during the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after buying an additional 4,391 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Sagimet Biosciences during the fourth quarter worth about $30,000. Wedmont Private Capital purchased a new position in Sagimet Biosciences during the fourth quarter worth about $60,000. Virtu Financial LLC acquired a new stake in Sagimet Biosciences in the fourth quarter valued at about $62,000. Finally, Hamilton Lane Advisors LLC acquired a new stake in Sagimet Biosciences in the fourth quarter valued at about $66,000. 87.86% of the stock is 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.