Sagimet Biosciences Inc. (NASDAQ:SGMT) Given Average Recommendation of “Moderate Buy” by Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average recommendation of “Moderate Buy” by the eleven brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $25.5714.

A number of research firms have issued reports on SGMT. Rodman & Renshaw started coverage on shares of Sagimet Biosciences in a report on Thursday, March 26th. They issued a “buy” rating and a $28.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Guggenheim dropped their price target on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Citizens Jmp cut their price target on Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Tuesday, April 21st.

Sagimet Biosciences Stock Performance

NASDAQ:SGMT traded up $0.02 during mid-day trading on Friday, hitting $7.37. 1,113,090 shares of the stock were exchanged, compared to its average volume of 1,416,679. The stock has a market capitalization of $240.11 million, a price-to-earnings ratio of -5.50 and a beta of 3.35. The firm’s 50-day simple moving average is $7.15 and its 200 day simple moving average is $6.23. Sagimet Biosciences has a fifty-two week low of $4.50 and a fifty-two week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. On average, analysts predict that Sagimet Biosciences will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

Large investors have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new stake in Sagimet Biosciences during the first quarter worth $105,000. Geode Capital Management LLC increased its stake in shares of Sagimet Biosciences by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 265,324 shares of the company’s stock valued at $2,023,000 after purchasing an additional 1,600 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Sagimet Biosciences by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock worth $322,000 after buying an additional 3,454 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Sagimet Biosciences by 137.0% during the 2nd quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock worth $195,000 after buying an additional 14,813 shares during the last quarter. Finally, Jump Financial LLC bought a new position in Sagimet Biosciences in the second quarter valued at about $1,130,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.