Sagimet Biosciences (NASDAQ:SGMT) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Sagimet Biosciences (NASDAQ:SGMT) posted its quarterly earnings results on Wednesday. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.09, Zacks reports.

Sagimet Biosciences Stock Up 11.7 %

NASDAQ:SGMT traded up $0.29 on Thursday, reaching $2.76. The company’s stock had a trading volume of 349,265 shares, compared to its average volume of 979,577. The business’s 50-day moving average price is $3.51 and its two-hundred day moving average price is $4.87. Sagimet Biosciences has a 1-year low of $2.13 and a 1-year high of $20.71.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SGMT shares. JMP Securities cut their target price on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $6.00 price objective (down previously from $23.00) on shares of Sagimet Biosciences in a report on Friday, June 28th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research note on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $24.00.

Insider Activity

In related news, insider Eduardo Bruno Martins sold 8,357 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $3.10, for a total transaction of $25,906.70. Following the completion of the sale, the insider now directly owns 81,213 shares of the company’s stock, valued at approximately $251,760.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, General Counsel Elizabeth Rozek sold 10,914 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $33,833.40. Following the completion of the transaction, the general counsel now directly owns 160,506 shares of the company’s stock, valued at approximately $497,568.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eduardo Bruno Martins sold 8,357 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $25,906.70. Following the sale, the insider now owns 81,213 shares in the company, valued at approximately $251,760.30. The disclosure for this sale can be found here. Insiders have sold 56,958 shares of company stock worth $178,224 in the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Sagimet Biosciences Company Profile

Sagimet Biosciences Inc, a clinical-stage biopharmaceutical company, develops therapeutics called fatty acid synthase (FASN) inhibitors for the treatment of diseases that result from dysfunctional metabolic pathways in the United States. The company's lead drug candidate is Denifanstat, a once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction associated steatohepatitis.