Sagimet Biosciences (NASDAQ:SGMT) Issues Earnings Results

Sagimet Biosciences (NASDAQ:SGMT) announced its earnings results on Thursday. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05), FiscalAI reports.

Sagimet Biosciences Stock Performance

Shares of Sagimet Biosciences stock traded down $0.56 during trading on Thursday, reaching $10.85. The company’s stock had a trading volume of 770,028 shares, compared to its average volume of 1,197,976. Sagimet Biosciences has a one year low of $4.50 and a one year high of $11.45. The firm has a market cap of $674.56 million, a price-to-earnings ratio of -8.52 and a beta of 3.43. The business’s fifty day moving average price is $9.89 and its 200-day moving average price is $7.64.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group lifted their price target on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, October 15th. Citizens Jmp decreased their price objective on shares of Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating for the company in a report on Thursday, October 1st. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Finally, Guggenheim raised their target price on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Nine analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $26.63.

About Sagimet Biosciences

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing medicines that target fatty acid synthase (FASN), an enzyme involved in the body’s production of fatty acids. The company is based in San Mateo, California. Its lead drug candidate, denifanstat (also known as TVB-2640), is an oral FASN inhibitor being developed for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The candidate has also been studied for other conditions. Sagimet is also developing TVB-3567, another FASN inhibitor being investigated as a potential treatment for acne.