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

Sagimet Biosciences (NASDAQ:SGMT) released its quarterly earnings data on Wednesday. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.14, FiscalAI reports.

Sagimet Biosciences Trading Up 1.8%

SGMT opened at $5.44 on Friday. The company has a market cap of $176.78 million, a price-to-earnings ratio of -3.46 and a beta of 3.35. The company’s 50 day moving average is $5.74 and its 200 day moving average is $6.64. Sagimet Biosciences has a 12-month low of $1.73 and a 12-month high of $11.41.

Insider Buying and Selling at Sagimet Biosciences

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

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after purchasing an additional 4,391 shares during the period. Virtu Financial LLC acquired a new stake in shares of Sagimet Biosciences in the fourth quarter worth $62,000. Bank of America Corp DE lifted its position in Sagimet Biosciences by 81.8% in the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock worth $76,000 after purchasing an additional 4,473 shares during the period. Jefferies Financial Group Inc. acquired a new stake in Sagimet Biosciences in the third quarter valued at approximately $95,000. Finally, NewEdge Advisors LLC bought a new stake in Sagimet Biosciences during the 1st quarter worth $105,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SGMT shares. Barclays began coverage on shares of Sagimet Biosciences in a research report on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 price objective for the company. Citizens Jmp raised their target price on shares of Sagimet Biosciences from $33.00 to $35.00 and gave the stock a “market outperform” rating in a report on Friday, November 14th. Wall Street Zen downgraded shares of Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Guggenheim started coverage on Sagimet Biosciences in a research report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 price target on the stock. Finally, Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, November 14th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Sagimet Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

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.