HC Wainwright Reaffirms Buy Rating for Sagimet Biosciences (NASDAQ:SGMT)

Sagimet Biosciences (NASDAQ:SGMT)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $29.00 target price on the stock. HC Wainwright’s target price points to a potential upside of 365.49% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Barclays began coverage on Sagimet Biosciences in a report on Tuesday, January 27th. They set an “equal weight” rating and a $8.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, January 22nd. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Citizens Jmp increased their price objective on Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Friday, November 14th. Finally, Guggenheim began coverage on Sagimet Biosciences in a 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 assigned a Hold rating and one has issued a Sell rating to the company’s 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 Trading Up 9.9%

Shares of NASDAQ SGMT opened at $6.23 on Tuesday. The business has a fifty day simple moving average of $6.17 and a 200 day simple moving average of $7.24. The firm has a market capitalization of $202.60 million, a price-to-earnings ratio of -3.50 and a beta of 3.39. Sagimet Biosciences has a one year low of $1.73 and a one year high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.01. On average, research analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman George Kemble sold 37,688 shares of the firm’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 sale, the chairman directly owned 81,005 shares of the company’s stock, valued at $622,928.45. This trade represents a 31.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.70% of the stock is currently owned by company insiders.

Institutional Trading of Sagimet Biosciences

Large investors have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Sagimet Biosciences in the fourth quarter valued at $30,000. ANTIPODES PARTNERS Ltd bought a new stake in Sagimet Biosciences during the 2nd quarter worth about $41,000. Bank of America Corp DE increased its position 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 valued at $76,000 after acquiring an additional 4,473 shares in the last quarter. Wedmont Private Capital bought a new position in shares of Sagimet Biosciences in the fourth quarter worth about $60,000. Finally, Hamilton Lane Advisors LLC acquired a new position in shares of Sagimet Biosciences during the fourth quarter worth approximately $66,000. 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.