Sagimet Biosciences (NASDAQ:SGMT) Given New $12.00 Price Target at Citizens Jmp

Sagimet Biosciences (NASDAQ:SGMT) had its price objective dropped by Citizens Jmp from $35.00 to $12.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s target price suggests a potential upside of 84.05% from the company’s previous close.

Several other research firms have also issued reports on SGMT. Guggenheim lowered their price target on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research note on Wednesday, March 11th. Wall Street Zen raised shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Tuesday, April 21st. Finally, Rodman & Renshaw started coverage on shares of Sagimet Biosciences in a report on Thursday, March 26th. They set a “buy” rating and a $28.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Sagimet Biosciences Stock Down 2.1%

SGMT stock opened at $6.52 on Tuesday. Sagimet Biosciences has a twelve month low of $3.15 and a twelve month high of $11.41. The firm has a market cap of $212.42 million, a PE ratio of -4.86 and a beta of 3.60. The business has a 50 day moving average of $6.06 and a 200 day moving average of $6.25.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results on Tuesday, May 12th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.06. On average, research analysts expect that Sagimet Biosciences will post -1.15 earnings per share for the current fiscal year.

Institutional Trading of Sagimet Biosciences

A number of institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after purchasing an additional 4,391 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in Sagimet Biosciences in the 4th quarter worth approximately $30,000. Bank of America Corp DE raised its stake in Sagimet Biosciences by 81.8% during the 2nd quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after buying an additional 4,473 shares during the last quarter. Virtu Financial LLC purchased a new stake in Sagimet Biosciences during the 4th quarter valued at $62,000. Finally, Wedmont Private Capital bought a new position in shares of Sagimet Biosciences during the 4th quarter valued at $60,000. Hedge funds and other 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.