Sagimet Biosciences (NASDAQ:SGMT) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Sagimet Biosciences (NASDAQ:SGMT) posted its quarterly earnings results on Tuesday. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06, FiscalAI reports.

Sagimet Biosciences Stock Performance

Shares of NASDAQ SGMT traded down $0.14 during trading hours on Tuesday, hitting $7.55. 49,191 shares of the stock were exchanged, compared to its average volume of 1,185,769. Sagimet Biosciences has a 1-year low of $3.08 and a 1-year high of $11.41. The company has a market cap of $246.11 million, a PE ratio of -4.73 and a beta of 3.60. The company’s fifty day simple moving average is $5.90 and its two-hundred day simple moving average is $6.28.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SGMT shares. Guggenheim dropped their price target on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a research report on Wednesday, March 11th. Oppenheimer reissued an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Rodman & Renshaw began coverage on shares of Sagimet Biosciences in a research note on Thursday, March 26th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Canaccord Genuity Group raised their price target on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.63.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its stake in shares of Sagimet Biosciences by 9,168.2% during the second quarter. BNP Paribas Financial Markets now owns 26,785 shares of the company’s stock worth $204,000 after buying an additional 26,496 shares during the last quarter. XTX Topco Ltd increased its holdings in Sagimet Biosciences by 137.0% in the 2nd quarter. XTX Topco Ltd now owns 25,624 shares of the company’s stock worth $195,000 after purchasing an additional 14,813 shares in the last quarter. Mariner LLC raised its position in Sagimet Biosciences by 27.9% in the fourth quarter. Mariner LLC now owns 32,100 shares of the company’s stock valued at $190,000 after purchasing an additional 7,000 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Sagimet Biosciences by 158.6% during the third quarter. Bank of America Corp DE now owns 25,708 shares of the company’s stock worth $176,000 after purchasing an additional 15,765 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Sagimet Biosciences by 357.8% in the fourth quarter. Barclays PLC now owns 29,338 shares of the company’s stock valued at $174,000 after buying an additional 22,929 shares during the period. 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.