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

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

Sagimet Biosciences Trading Up 11.7 %

SGMT stock traded up $0.29 during trading on Thursday, reaching $2.76. The company’s stock had a trading volume of 349,252 shares, compared to its average volume of 979,577. The company’s fifty day moving average is $3.47 and its 200-day moving average is $4.85. Sagimet Biosciences has a 1 year low of $2.13 and a 1 year high of $20.71.

Insider Transactions at Sagimet Biosciences

In related news, insider Eduardo Bruno Martins sold 8,357 shares of Sagimet Biosciences 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 sale, the insider now owns 81,213 shares of the company’s stock, valued at approximately $251,760.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman George Kemble sold 23,625 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total transaction of $74,891.25. Following the completion of the transaction, the chairman now owns 118,693 shares in the company, valued at $376,256.81. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eduardo Bruno Martins sold 8,357 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $25,906.70. Following the completion of the sale, the insider now owns 81,213 shares in the company, valued at $251,760.30. The disclosure for this sale can be found here. Insiders sold a total of 56,958 shares of company stock valued at $178,224 over the last 90 days. Company insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SGMT shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $6.00 target price (down previously from $23.00) on shares of Sagimet Biosciences in a research report on Friday, June 28th. 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 report on Thursday. Finally, HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

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.