Sagimet Biosciences (NASDAQ:SGMT) Announces Earnings Results

Sagimet Biosciences (NASDAQ:SGMT) released its earnings results on Thursday. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.01, Zacks reports.

Sagimet Biosciences Trading Down 1.3%

Shares of Sagimet Biosciences stock traded down $0.10 during trading on Friday, reaching $7.64. The stock had a trading volume of 167,288 shares, compared to its average volume of 942,840. The company has a market capitalization of $248.49 million, a price-to-earnings ratio of -4.17 and a beta of 3.26. The stock has a fifty day moving average price of $7.47 and a two-hundred day moving average price of $7.05. Sagimet Biosciences has a 52 week low of $1.73 and a 52 week high of $11.41.

Wall Street Analyst Weigh In

SGMT has been the topic of several recent research reports. Zacks Research lowered Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. HC Wainwright upgraded Sagimet Biosciences to a “buy” rating and set a $29.00 target price for the company in a research report on Thursday, August 7th. Wall Street Zen raised Sagimet Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Canaccord Genuity Group reissued a “buy” rating and issued a $28.00 price target on shares of Sagimet Biosciences in a report on Thursday, October 2nd. Finally, Citigroup reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SGMT. Two Sigma Investments LP grew its holdings in shares of Sagimet Biosciences by 292.4% in the 3rd quarter. Two Sigma Investments LP now owns 51,191 shares of the company’s stock valued at $351,000 after acquiring an additional 38,146 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Sagimet Biosciences during the third quarter valued at approximately $241,000. Landscape Capital Management L.L.C. bought a new position in Sagimet Biosciences in the third quarter valued at approximately $156,000. Jefferies Financial Group Inc. bought a new position in Sagimet Biosciences in the third quarter valued at approximately $95,000. Finally, Vanguard Group Inc. increased its position in shares of Sagimet Biosciences by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock worth $8,254,000 after purchasing an additional 49,375 shares during the last quarter. Institutional investors own 87.86% 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.