Sagimet Biosciences (NASDAQ:SGMT) Stock Price Down 1.2% - Here's What Happened

Key Points

• Sagimet Biosciences shares fell 1.2% on Thursday, trading between $7.21 and $7.35 on lighter-than-average volume of about 573,020 shares.
• Analyst sentiment remains mixed but mostly positive: the stock has a Moderate Buy consensus, with eight Buy ratings, two Holds, and one Sell, and an average price target of $25.57.
• The company reported a smaller-than-expected quarterly loss of $0.33 per share, beating estimates, while Sagimet continues to develop its lead fibrosis drug candidate, CM-101.

Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) fell 1.2% on Thursday . The stock traded as low as $7.21 and last traded at $7.35. Approximately 573,020 shares were traded during trading, a decline of 60% from the average session volume of 1,426,213 shares. The stock had previously closed at $7.44.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Rodman & Renshaw began coverage on shares of Sagimet Biosciences in a report on Thursday, March 26th. They issued a "buy" rating and a $28.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Sagimet Biosciences in a research note on Tuesday, April 21st. Wall Street Zen upgraded Sagimet Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, March 14th. Guggenheim reduced their target price on Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Finally, Oppenheimer restated an "outperform" rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Eight equities research 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. Based on data from MarketBeat.com, Sagimet Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $25.57.

Sagimet Biosciences Trading Down 1.2%

The stock has a market cap of $239.46 million, a price-to-earnings ratio of -5.49 and a beta of 3.35. The stock's 50 day moving average is $7.17 and its two-hundred day moving average is $6.22.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.06. On average, sell-side analysts predict that Sagimet Biosciences Inc. will post -1.15 EPS for the current year.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Affinity Asset Advisors LLC raised its stake in Sagimet Biosciences by 228.1% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company's stock valued at $6,798,000 after acquiring an additional 798,245 shares during the last quarter. Millennium Management LLC grew 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 during the last quarter. Marshall Wace LLP purchased a new position in shares of Sagimet Biosciences in the 4th quarter valued at approximately $4,620,000. Schonfeld Strategic Advisors LLC increased its holdings in shares of Sagimet Biosciences by 462.4% in the third 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 period. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Sagimet Biosciences in the fourth quarter valued at approximately $1,802,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.