Sagimet Biosciences (NASDAQ:SGMT) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

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

Sagimet Biosciences Stock Down 0.4 %

Sagimet Biosciences stock traded down $0.01 during trading hours on Friday, hitting $2.75. The company had a trading volume of 250,127 shares, compared to its average volume of 974,962. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71. The firm has a 50-day moving average of $3.47 and a 200 day moving average of $4.85.

Analysts Set New Price Targets

Several equities research analysts have commented on SGMT shares. HC Wainwright reissued a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a research report on Thursday. JMP Securities decreased their price objective on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $6.00 target price (down from $23.00) on shares of Sagimet Biosciences in a report on Friday, June 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.00.

Insider Transactions at Sagimet Biosciences

In related news, Chairman George Kemble sold 14,062 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $43,592.20. Following the completion of the sale, the chairman now directly owns 142,318 shares in the company, valued at approximately $441,185.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Sagimet Biosciences news, General Counsel Elizabeth Rozek sold 10,914 shares of the firm’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 in the company, valued at approximately $497,568.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman George Kemble sold 14,062 shares of Sagimet Biosciences stock in a transaction on Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $43,592.20. Following the completion of the transaction, the chairman now directly owns 142,318 shares of the company’s stock, valued at $441,185.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,958 shares of company stock worth $178,224. Company insiders own 17.60% of the company’s stock.

About Sagimet Biosciences

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.