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

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

Sagimet Biosciences Stock Performance

Shares of NASDAQ:SGMT traded down $0.24 during midday trading on Thursday, hitting $7.37. The company’s stock had a trading volume of 173,886 shares, compared to its average volume of 1,178,500. The stock has a market capitalization of $239.95 million, a price-to-earnings ratio of -5.51 and a beta of 3.60. The stock’s 50 day simple moving average is $5.97 and its 200 day simple moving average is $6.29. Sagimet Biosciences has a fifty-two week low of $3.08 and a fifty-two week high of $11.41.

Analyst Upgrades and Downgrades

SGMT has been the subject of several recent research reports. Barclays initiated coverage on Sagimet Biosciences in a report on Tuesday, January 27th. They set an “equal weight” rating and a $8.00 price objective for the company. Canaccord Genuity Group increased their price objective on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Oppenheimer reiterated an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. HC Wainwright reiterated a “buy” rating and set a $29.00 price objective on shares of Sagimet Biosciences in a report on Wednesday, March 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Tuesday, April 21st. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.63.

Institutional Investors Weigh In On Sagimet Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in SGMT. Royal Bank of Canada grew its position in shares of Sagimet Biosciences by 819.2% in 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 last quarter. Virtu Financial LLC acquired a new stake in shares of Sagimet Biosciences in the fourth quarter valued at about $62,000. Bank of America Corp DE grew its position in shares of Sagimet Biosciences by 81.8% in the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after purchasing an additional 4,473 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Sagimet Biosciences in the third quarter valued at about $95,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Sagimet Biosciences in the first quarter valued at about $105,000. 87.86% of the stock is owned by institutional investors and hedge funds.

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.