Sagimet Biosciences (NASDAQ:SGMT) Issues Earnings Results

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

Sagimet Biosciences Price Performance

Shares of NASDAQ:SGMT opened at $10.32 on Friday. Sagimet Biosciences has a 12 month low of $4.50 and a 12 month high of $11.45. The firm has a market capitalization of $641.49 million, a P/E ratio of -8.11 and a beta of 3.43. The company’s fifty day moving average price is $9.89 and its 200 day moving average price is $7.66.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SGMT. The Goldman Sachs Group assumed coverage on Sagimet Biosciences in a research note on Thursday, September 24th. They set a “sell” rating and a $7.00 target price for the company. Oppenheimer upped their target price on shares of Sagimet Biosciences from $33.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, October 1st. Citigroup reaffirmed a “market outperform” rating on shares of Sagimet Biosciences in a report on Thursday, October 1st. Guggenheim raised their target price on shares of Sagimet Biosciences from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, October 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of Sagimet Biosciences in a research note on Monday, October 5th. Nine research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.97.

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.