Sagimet Biosciences (NASDAQ:SGMT) Stock Price Down 0.2% – What’s Next?

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

Analyst Upgrades and Downgrades

SGMT has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Wednesday, March 11th. Rodman & Renshaw initiated 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 upped their price target on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Citizens Jmp reduced their price target on 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Tuesday, April 21st. Eight 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.57.

Sagimet Biosciences Price Performance

The company has a market capitalization of $212.75 million, a PE ratio of -4.87 and a beta of 3.41. The firm has a 50-day moving average of $6.81 and a 200 day moving average of $6.11.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. Equities analysts expect that Sagimet Biosciences Inc. will post -1.15 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in Sagimet Biosciences by 819.2% in the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after acquiring an additional 4,391 shares during the period. China Universal Asset Management Co. Ltd. bought a new position in Sagimet Biosciences in the fourth quarter valued at about $30,000. Wedmont Private Capital bought a new position in Sagimet Biosciences in the fourth quarter valued at about $60,000. Virtu Financial LLC bought a new position in Sagimet Biosciences in the fourth quarter valued at about $62,000. Finally, Hamilton Lane Advisors LLC bought a new position in Sagimet Biosciences in the fourth quarter valued at about $66,000. 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.