Sagimet Biosciences (NASDAQ:SGMT) Issues Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Sagimet Biosciences beat quarterly EPS estimates, reporting a loss of $0.26 per share versus the $0.28 consensus estimate.
• SGMT shares opened at $9.84 and were up 2.8%, while the stock traded within a 12-month range of $4.50 to $10.06. Institutional investors own 87.86% of the company.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $25.17, although insiders have sold 93,440 shares over the past 90 days.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) released its earnings results on Tuesday. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.02, FiscalAI reports.

Sagimet Biosciences Stock Up 2.8%

Shares of SGMT stock opened at $9.84 on Tuesday. The company has a market capitalization of $320.42 million, a PE ratio of -7.36 and a beta of 3.37. The firm has a 50 day moving average price of $7.29 and a two-hundred day moving average price of $6.48. Sagimet Biosciences has a 12-month low of $4.50 and a 12-month high of $10.06.

Insider Activity

In related news, Director George Kemble sold 18,844 shares of the company's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $7.46, for a total value of $140,576.24. Following the transaction, the director directly owned 62,161 shares in the company, valued at approximately $463,721.06. This represents a 23.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Elizabeth Rozek sold 10,545 shares of the business's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the completion of the sale, the insider owned 224,414 shares of the company's stock, valued at approximately $1,741,452.64. This trade represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 93,440 shares of company stock valued at $719,441. 11.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Hedge funds have recently bought and sold shares of the company. Affinity Asset Advisors LLC increased its stake in Sagimet Biosciences by 228.1% in the fourth quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company's stock valued at $6,798,000 after acquiring an additional 798,245 shares during the last quarter. Millennium Management LLC lifted its stake in Sagimet Biosciences by 6,484.7% during the third quarter. Millennium Management LLC now owns 776,377 shares of the company's stock worth $5,326,000 after purchasing an additional 788,537 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Sagimet Biosciences in the 4th quarter valued at $4,620,000. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Sagimet Biosciences by 462.4% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company's stock valued at $3,593,000 after purchasing an additional 430,644 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Sagimet Biosciences in the 4th quarter valued at $1,802,000. 87.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SGMT shares. Oppenheimer reiterated an "outperform" rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Guggenheim cut their target price on Sagimet Biosciences from $27.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Canaccord Genuity Group upped their price target on Sagimet Biosciences from $28.00 to $49.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Finally, Citizens Jmp lowered their price objective on shares of Sagimet Biosciences from $35.00 to $12.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 19th. Seven 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. According to data from MarketBeat, Sagimet Biosciences presently has an average rating of "Moderate Buy" and an average target price of $25.17.

About Sagimet Biosciences

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.

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