Guggenheim Lowers Sagimet Biosciences (NASDAQ:SGMT) Price Target to $25.00

Key Points

• Guggenheim cut its price target for Sagimet Biosciences to $25.00 (from $27.00) but kept a "buy" rating, which it says implies roughly a 191.72% upside from the current share price.
• Consensus from analysts is a "Moderate Buy" — eight Buys, two Holds and one Sell — with an average target price of $26.00.
• Shares traded down 2.1% to $8.57 (market cap ~$279.3M); the company beat quarterly EPS estimates (reported -$0.29 vs. -$0.43), CEO David Happel sold 12,101 shares, and insiders own about 14.7% of the stock.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) had its price target reduced by research analysts at Guggenheim from $27.00 to $25.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price target suggests a potential upside of 191.72% from the company's current price.

Several other research firms have also recently weighed in on SGMT. Wall Street Zen raised Sagimet Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, March 14th. HC Wainwright reaffirmed a "buy" rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research report on Wednesday, March 11th. Barclays initiated coverage on Sagimet Biosciences in a research report on Tuesday, January 27th. They set an "equal weight" rating and a $8.00 price objective for the company. Rodman & Renshaw initiated coverage on Sagimet Biosciences in a research report on Thursday, March 26th. They set a "buy" rating and a $28.00 price target for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Sagimet Biosciences in a research report on Tuesday, April 21st. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sagimet Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $26.00.

Sagimet Biosciences Trading Down 2.1%

Shares of SGMT stock traded down $0.18 on Wednesday, hitting $8.57. 938,355 shares of the stock were exchanged, compared to its average volume of 1,193,635. The firm has a market capitalization of $279.25 million, a P/E ratio of -5.45 and a beta of 3.17. The business has a 50-day moving average of $5.57 and a 200 day moving average of $6.27. Sagimet Biosciences has a fifty-two week low of $3.08 and a fifty-two week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Wednesday, March 11th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.14. As a group, research analysts forecast that Sagimet Biosciences will post -1.75 EPS for the current fiscal year.

Insider Transactions at Sagimet Biosciences

In other Sagimet Biosciences news, CEO David Happel sold 12,101 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total value of $64,861.36. Following the sale, the chief executive officer owned 677,621 shares in the company, valued at $3,632,048.56. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 14.70% of the stock is owned by corporate insiders.

Institutional Trading of Sagimet Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of SGMT. Royal Bank of Canada raised its stake in Sagimet Biosciences by 819.2% in the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company's stock valued at $29,000 after buying an additional 4,391 shares during the period. China Universal Asset Management Co. Ltd. bought a new position in shares of Sagimet Biosciences during the fourth quarter worth approximately $30,000. Wedmont Private Capital bought a new position in shares of Sagimet Biosciences during the fourth quarter worth approximately $60,000. Virtu Financial LLC bought a new position in shares of Sagimet Biosciences during the fourth quarter worth approximately $62,000. Finally, Hamilton Lane Advisors LLC bought 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.

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