Sagimet Biosciences (NASDAQ:SGMT) Announces Earnings Results

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

Sagimet Biosciences Stock Down 1.1%

NASDAQ:SGMT traded down $0.08 during trading hours on Wednesday, hitting $7.57. 115,615 shares of the company’s stock traded hands, compared to its average volume of 1,182,110. The firm has a market cap of $246.57 million, a P/E ratio of -4.82 and a beta of 3.60. Sagimet Biosciences has a 52 week low of $3.08 and a 52 week high of $11.41. The business’s fifty day simple moving average is $5.94 and its two-hundred day simple moving average is $6.29.

Institutional Investors Weigh In On Sagimet Biosciences

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake 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 buying an additional 4,391 shares during the period. Bank of America Corp DE lifted its stake in Sagimet Biosciences by 81.8% during 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 last quarter. Virtu Financial LLC bought a new stake in Sagimet Biosciences during the fourth quarter worth about $62,000. Jefferies Financial Group Inc. bought a new stake in Sagimet Biosciences during the third quarter worth about $95,000. Finally, LPL Financial LLC lifted its stake in Sagimet Biosciences by 31.3% during the fourth quarter. LPL Financial LLC now owns 20,574 shares of the company’s stock worth $122,000 after purchasing an additional 4,899 shares during the last quarter. Institutional investors own 87.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SGMT shares. Guggenheim decreased their target price on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research report on Tuesday, April 21st. Rodman & Renshaw assumed coverage on Sagimet Biosciences in a research report on Thursday, March 26th. They issued a “buy” rating and a $28.00 price target for the company. Oppenheimer reiterated an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Finally, Barclays assumed coverage on Sagimet Biosciences in a research report on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sagimet Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $28.63.

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.