Barclays Upgrades Sagimet Biosciences (NASDAQ:SGMT) to “Hold”

Sagimet Biosciences (NASDAQ:SGMT) was upgraded by investment analysts at Barclays to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on SGMT. Citigroup reiterated an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, November 14th. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, January 22nd. Canaccord Genuity Group reissued a “buy” rating and issued a $28.00 target price on shares of Sagimet Biosciences in a research report on Thursday, October 2nd. Finally, Zacks Research lowered shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $25.83.

Sagimet Biosciences Stock Performance

Shares of SGMT traded down $0.53 during mid-day trading on Tuesday, reaching $5.33. The company had a trading volume of 3,250,575 shares, compared to its average volume of 700,008. The company has a market capitalization of $173.36 million, a price-to-earnings ratio of -2.99 and a beta of 3.39. The firm has a 50-day moving average price of $6.23 and a 200 day moving average price of $7.34. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week 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 (EPS) for the quarter, beating analysts’ consensus estimates 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.

Insiders Place Their Bets

In other Sagimet Biosciences news, Chairman George Kemble sold 37,688 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $7.69, for a total transaction of $289,820.72. Following the transaction, the chairman owned 81,005 shares in the company, valued at $622,928.45. The trade was a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 14.70% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of Sagimet Biosciences during the 4th quarter worth approximately $30,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Sagimet Biosciences during the second quarter worth $41,000. Wedmont Private Capital purchased a new stake in shares of Sagimet Biosciences during the fourth quarter valued at $60,000. Hamilton Lane Advisors LLC bought a new position in shares of Sagimet Biosciences in the fourth quarter worth about $66,000. Finally, Bank of America Corp DE increased its stake in Sagimet Biosciences by 81.8% in the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock worth $76,000 after buying an additional 4,473 shares during the period. 87.86% of the stock is currently owned by institutional investors.

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.