Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives $25.57 Consensus PT from Brokerages

Sagimet Biosciences Inc. (NASDAQ:SGMT) has received an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $25.5714.

SGMT has been the topic of a number of research analyst reports. Rodman & Renshaw initiated coverage on shares of Sagimet Biosciences in a research note on Thursday, March 26th. They set a “buy” rating and a $28.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research note on Wednesday, March 11th. Guggenheim reduced their price objective on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Canaccord Genuity Group increased their price objective 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. Finally, Wall Street Zen upgraded shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SGMT. NewEdge Advisors LLC bought a new position in shares of Sagimet Biosciences in the 1st quarter worth about $105,000. Geode Capital Management LLC lifted its position 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 worth $2,023,000 after buying an additional 1,600 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Sagimet Biosciences by 8.9% in 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 during the last quarter. XTX Topco Ltd lifted its position in shares of Sagimet Biosciences by 137.0% in 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 shares of Sagimet Biosciences in the 2nd quarter worth about $1,130,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Stock Performance

SGMT opened at $6.68 on Tuesday. The company has a fifty day simple moving average of $6.86 and a 200 day simple moving average of $6.11. The firm has a market cap of $217.63 million, a price-to-earnings ratio of -4.99 and a beta of 3.41. Sagimet Biosciences has a twelve month low of $4.50 and a twelve month high of $11.41.

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