Sagimet Biosciences (NASDAQ:SGMT) Announces Quarterly Earnings Results

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

Sagimet Biosciences Stock Performance

Shares of SGMT traded up $0.29 during mid-day trading on Thursday, reaching $2.76. The stock had a trading volume of 349,252 shares, compared to its average volume of 979,577. The business has a fifty day moving average of $3.47 and a 200 day moving average of $4.85. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Analyst Ratings Changes

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

Insider Activity at Sagimet Biosciences

In other news, Chairman George Kemble sold 23,625 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total value of $74,891.25. Following the transaction, the chairman now directly owns 118,693 shares in the company, valued at $376,256.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman George Kemble sold 23,625 shares of Sagimet Biosciences stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total transaction of $74,891.25. Following the sale, the chairman now owns 118,693 shares in the company, valued at $376,256.81. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Elizabeth Rozek sold 10,914 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $3.10, for a total transaction of $33,833.40. Following the transaction, the general counsel now owns 160,506 shares of the company’s stock, valued at approximately $497,568.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,958 shares of company stock worth $178,224. 17.60% of the stock is owned by corporate insiders.

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.