Sagimet Biosciences’ (SGMT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a report released on Tuesday morning,Benzinga reports. HC Wainwright currently has a $29.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the company. Zacks Research cut Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, January 22nd. Citizens Jmp upped their target price on Sagimet Biosciences from $33.00 to $35.00 and gave the company a “market outperform” rating in a research report on Friday, November 14th. Wall Street Zen cut Sagimet Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Guggenheim assumed coverage on shares of Sagimet Biosciences in a research report on Tuesday. They set a “buy” rating and a $27.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Sagimet Biosciences Stock Performance

Shares of Sagimet Biosciences stock opened at $5.44 on Tuesday. The firm has a 50-day moving average of $6.11 and a 200-day moving average of $7.20. Sagimet Biosciences has a 52-week low of $1.73 and a 52-week high of $11.41. The stock has a market cap of $176.91 million, a PE ratio of -3.06 and a beta of 3.39.

Sagimet Biosciences (NASDAQ:SGMT) last issued 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. Equities research analysts predict that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SGMT. Vanguard Group Inc. raised its stake in Sagimet Biosciences by 4.3% during the third quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock worth $8,254,000 after acquiring an additional 49,375 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Sagimet Biosciences by 6,484.7% in the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock valued at $5,326,000 after purchasing an additional 788,537 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in shares of Sagimet Biosciences by 462.4% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock valued at $3,593,000 after purchasing an additional 430,644 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in Sagimet Biosciences by 231.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock valued at $3,146,000 after purchasing an additional 288,341 shares during the last quarter. Finally, Readystate Asset Management LP lifted its stake in Sagimet Biosciences by 20.9% in the 3rd quarter. Readystate Asset Management LP now owns 325,359 shares of the company’s stock valued at $2,232,000 after purchasing an additional 56,166 shares during the last quarter. Institutional investors own 87.86% of the company’s stock.

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.