Sagimet Biosciences (NASDAQ:SGMT) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Sagimet Biosciences (NASDAQ:SGMT) released its quarterly earnings results on Wednesday. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.14, FiscalAI reports.

Sagimet Biosciences Price Performance

SGMT opened at $5.34 on Friday. Sagimet Biosciences has a 12 month low of $1.73 and a 12 month high of $11.41. The stock has a market capitalization of $173.66 million, a P/E ratio of -3.40 and a beta of 3.35. The business has a 50 day simple moving average of $5.74 and a 200-day simple moving average of $6.64.

Analyst Ratings Changes

A number of analysts have weighed in on SGMT shares. 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 report on Friday, November 14th. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of Sagimet Biosciences in a report on Wednesday. Barclays started coverage on Sagimet Biosciences in a research note on Tuesday, January 27th. They set an “equal weight” rating and a $8.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Thursday, January 22nd. Finally, Guggenheim started coverage on shares of Sagimet Biosciences in a research note on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 price objective on the stock. Seven research 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Insiders Place Their Bets

In other Sagimet Biosciences news, CEO David Happel sold 12,101 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 677,621 shares in the company, valued at approximately $3,632,048.56. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors have recently made changes to their positions in SGMT. Geode Capital Management LLC grew its position in Sagimet Biosciences by 0.6% during the second 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 period. Landscape Capital Management L.L.C. raised its position in Sagimet Biosciences by 14.1% during the fourth quarter. Landscape Capital Management L.L.C. now owns 25,901 shares of the company’s stock worth $153,000 after acquiring an additional 3,198 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Sagimet Biosciences by 10.1% in the fourth quarter. HighTower Advisors LLC now owns 37,189 shares of the company’s stock valued at $220,000 after purchasing an additional 3,408 shares during the last quarter. American Century Companies Inc. grew its position in shares of Sagimet Biosciences by 8.9% in the second quarter. American Century Companies Inc. now owns 42,285 shares of the company’s stock valued at $322,000 after purchasing an additional 3,454 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Sagimet Biosciences by 819.2% during the 4th quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after purchasing an additional 4,391 shares in the last quarter. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

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.