Sagimet Biosciences (NASDAQ:SGMT) Issues Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Sagimet Biosciences (NASDAQ:SGMT) released its quarterly 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 Price Performance

Shares of SGMT traded down $0.52 on Thursday, reaching $10.89. The company’s stock had a trading volume of 846,286 shares, compared to its average volume of 1,198,183. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $11.45. The stock’s 50 day simple moving average is $9.89 and its two-hundred day simple moving average is $7.64. The stock has a market capitalization of $677.23 million, a P/E ratio of -8.48 and a beta of 3.43.

Analyst Upgrades and Downgrades

Several research firms recently commented on SGMT. Citizens Jmp dropped their price objective on Sagimet Biosciences from $29.00 to $27.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 1st. Guggenheim lifted their price target on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. The Goldman Sachs Group assumed coverage on shares of Sagimet Biosciences in a report on Thursday, September 24th. They issued a “sell” rating and a $7.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, October 15th. Nine research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $26.63.

Sagimet Biosciences Company Profile

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.