Sagimet Biosciences (NASDAQ:SGMT) Announces Earnings Results

Sagimet Biosciences (NASDAQ:SGMT) released its earnings results on Tuesday. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.06, FiscalAI reports.

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT traded down $0.14 during trading on Tuesday, hitting $7.55. The stock had a trading volume of 49,191 shares, compared to its average volume of 1,185,769. The firm has a fifty day moving average of $5.90 and a two-hundred day moving average of $6.28. The company has a market capitalization of $246.11 million, a PE ratio of -4.73 and a beta of 3.60. Sagimet Biosciences has a 12 month low of $3.08 and a 12 month high of $11.41.

Analysts Set New Price Targets

Several research analysts have issued reports on SGMT shares. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a report on Wednesday, March 11th. Rodman & Renshaw assumed coverage on Sagimet Biosciences in a research report on Thursday, March 26th. They set a “buy” rating and a $28.00 target price on the stock. Wall Street Zen raised shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Barclays started coverage on shares of Sagimet Biosciences in a research note on Tuesday, January 27th. They set an “equal weight” rating and a $8.00 price target for the company. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research note on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.63.

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in SGMT. Affinity Asset Advisors LLC lifted its position in shares of Sagimet Biosciences by 228.1% during the 4th quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock worth $6,798,000 after buying an additional 798,245 shares in the last quarter. Millennium Management LLC increased its position in shares of Sagimet Biosciences by 6,484.7% during the third quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock valued at $5,326,000 after acquiring an additional 788,537 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Sagimet Biosciences during the fourth quarter valued at approximately $4,620,000. Schonfeld Strategic Advisors LLC lifted its holdings in Sagimet Biosciences by 462.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock worth $3,593,000 after acquiring an additional 430,644 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new position in Sagimet Biosciences in the fourth quarter worth $1,802,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Company Profile

Sagimet Biosciences (NASDAQ: SGMT) is a clinical-stage biotechnology company focused on developing novel therapies for fibrotic diseases. The company’s lead program, CM-101, is a first-in-class fusion protein designed to neutralize the chemokine CCL24 and interrupt key drivers of tissue fibrosis. Preclinical data have demonstrated CM-101’s potential to block fibrotic signaling pathways in multiple organ systems, and the company has advanced the program into early-stage clinical evaluation for indications such as nonalcoholic steatohepatitis and systemic sclerosis.

In addition to CM-101, Sagimet maintains a pipeline of preclinical candidates targeting inflammation-driven fibrotic processes.