Sagimet Biosciences drops on stock offering

Sagimet Biosciences

26/01/2024 13:21

** Shares of Sagimet Biosciences Inc  SGMT.O  down 9.1% at
$12.75 premarket after co raises equity
    ** Biopharma firm late Thurs announced pricing of 9 mln
shares at $12.50 for $112.5 mln gross proceeds
    ** Offering price represents 10.8% discount to stock's last
sale
    ** SGMT's shares on Mon soared 170% to $18.42 after co's
fatty liver disease drug met main goal in mid-stage trial
    ** SMGT also said would hold meeting with FDA to begin
late-stage study later this year
    ** Post offering, co has ~31.9 mln shares outstanding
    ** SGMT went public last Jul after IPO of ~5.3 mln shares
priced at $16
    ** Goldman Sachs, TD Cowen and Leerink acting as jt
bookrunners for this first-time follow-on offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))