Brokerages Set Sagimet Biosciences Inc. (NASDAQ:SGMT) PT at $29.40

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average rating of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $29.40.

A number of brokerages have issued reports on SGMT. Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, November 14th. Zacks Research cut shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Citizens Jmp upped their price objective on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a research note on Friday, November 14th. Wall Street Zen downgraded Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Wednesday, October 8th.

Insider Activity at Sagimet Biosciences

In related news, Chairman George Kemble sold 37,688 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $7.69, for a total value of $289,820.72. Following the sale, the chairman directly owned 81,005 shares in the company, valued at approximately $622,928.45. The trade was a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 14.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors have recently bought and sold shares of SGMT. Wedmont Private Capital acquired a new stake in shares of Sagimet Biosciences during the 4th quarter worth approximately $60,000. Qube Research & Technologies Ltd acquired a new position in shares of Sagimet Biosciences during the third quarter worth $733,000. Millennium Management LLC lifted its position in shares of Sagimet Biosciences by 6,484.7% during the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after buying an additional 788,537 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Sagimet Biosciences by 158.6% during the third quarter. Bank of America Corp DE now owns 25,708 shares of the company’s stock worth $176,000 after buying an additional 15,765 shares during the period. Finally, Schonfeld Strategic Advisors LLC raised its holdings in Sagimet Biosciences by 462.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock worth $3,593,000 after purchasing an additional 430,644 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Trading Down 1.9%

Shares of Sagimet Biosciences stock opened at $6.14 on Friday. The company has a market cap of $199.67 million, a price-to-earnings ratio of -3.45 and a beta of 3.39. The company’s fifty day simple moving average is $6.50 and its 200-day simple moving average is $7.47. Sagimet Biosciences has a 1 year low of $1.73 and a 1 year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.01. As a group, research analysts forecast that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

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.