Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $25.57 Average Price Target from Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $25.5714.

Several equities analysts recently weighed in on SGMT shares. Canaccord Genuity Group raised their target price on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Oppenheimer reiterated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Tuesday, April 21st. Rodman & Renshaw started coverage on Sagimet Biosciences in a research report on Thursday, March 26th. They issued a “buy” rating and a $28.00 target price on the stock. Finally, Guggenheim dropped their price target on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its position in Sagimet Biosciences by 819.2% in the fourth 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 last quarter. China Universal Asset Management Co. Ltd. bought a new position in Sagimet Biosciences during the fourth quarter valued at $30,000. Wedmont Private Capital bought a new position in Sagimet Biosciences during the fourth quarter valued at $60,000. Virtu Financial LLC purchased a new position in shares of Sagimet Biosciences in the 4th quarter worth $62,000. Finally, Hamilton Lane Advisors LLC purchased a new position in shares of Sagimet Biosciences in the 4th quarter worth $66,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Trading Up 8.5%

NASDAQ SGMT opened at $7.76 on Friday. Sagimet Biosciences has a 12 month low of $4.50 and a 12 month high of $11.41. The stock has a market cap of $252.82 million, a PE ratio of -5.79 and a beta of 3.35. The stock’s 50 day moving average is $7.13 and its 200 day moving average is $6.25.

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

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.