Sagimet Biosciences (NASDAQ:SGMT) Announces Earnings Results

Sagimet Biosciences (NASDAQ:SGMT) issued its earnings results on Thursday. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05), FiscalAI reports.

Sagimet Biosciences Trading Down 4.9%

Sagimet Biosciences stock traded down $0.56 during mid-day trading on Thursday, hitting $10.85. 770,028 shares of the company’s stock were exchanged, compared to its average volume of 1,197,976. The stock has a market cap of $674.56 million, a P/E ratio of -8.52 and a beta of 3.43. Sagimet Biosciences has a 1-year low of $4.50 and a 1-year high of $11.45. The stock has a 50 day moving average of $9.89 and a two-hundred day moving average of $7.64.

Wall Street Analyst Weigh In

SGMT has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, October 15th. Oppenheimer boosted their price target on Sagimet Biosciences from $33.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, October 1st. Barclays upgraded Sagimet Biosciences from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $8.00 to $18.00 in a report on Wednesday, September 9th. Canaccord Genuity Group raised their price objective on shares of Sagimet Biosciences from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Citizens Jmp reduced their target price on shares of Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating for the company in a research note on Thursday, October 1st. Nine analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.63.

About Sagimet Biosciences

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing medicines that target fatty acid synthase (FASN), an enzyme involved in the body’s production of fatty acids. The company is based in San Mateo, California. Its lead drug candidate, denifanstat (also known as TVB-2640), is an oral FASN inhibitor being developed for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease. The candidate has also been studied for other conditions. Sagimet is also developing TVB-3567, another FASN inhibitor being investigated as a potential treatment for acne.