Sagimet Biosciences Inc. (NASDAQ:SGMT) Short Interest Down 26.8% in July

Sagimet Biosciences Inc. (NASDAQ:SGMT) saw a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 1,670,000 shares, a decrease of 26.8% from the June 30th total of 2,280,000 shares. Based on an average daily trading volume, of 536,900 shares, the days-to-cover ratio is presently 3.1 days. Currently, 8.0% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research analysts recently weighed in on SGMT shares. JMP Securities reissued a “market outperform” rating and issued a $48.00 target price on shares of Sagimet Biosciences in a research note on Friday, June 7th. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Sagimet Biosciences in a report on Friday, June 14th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $6.00 price target (down previously from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Sagimet Biosciences presently has an average rating of “Moderate Buy” and an average price target of $35.80.

Insiders Place Their Bets

In related news, Chairman George Kemble sold 14,062 shares of Sagimet Biosciences stock in a transaction on Friday, July 19th. The stock was sold at an average price of $3.10, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, General Counsel Elizabeth Rozek sold 10,914 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $33,833.40. Following the sale, the general counsel now owns 160,506 shares of the company’s stock, valued at approximately $497,568.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman George Kemble sold 14,062 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 value of $43,592.20. Following the transaction, the chairman now directly owns 142,318 shares of the company’s stock, valued at approximately $441,185.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,958 shares of company stock worth $178,224. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sagimet Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in SGMT. Victory Capital Management Inc. increased its position in Sagimet Biosciences by 215.0% during the 4th quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock worth $307,000 after purchasing an additional 38,610 shares in the last quarter. Federated Hermes Inc. grew its stake in Sagimet Biosciences by 24.7% during the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after buying an additional 19,276 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in shares of Sagimet Biosciences in the first quarter worth $91,000. Vanguard Group Inc. lifted its holdings in shares of Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after acquiring an additional 894,319 shares in the last quarter. Finally, ORG Partners LLC purchased a new stake in Sagimet Biosciences during the 2nd quarter worth $43,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Stock Performance

SGMT stock traded up $0.02 on Friday, hitting $3.42. 239,160 shares of the company were exchanged, compared to its average volume of 542,058. The business’s fifty day moving average is $4.04 and its two-hundred day moving average is $5.52. Sagimet Biosciences has a twelve month low of $2.13 and a twelve month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.18. Sell-side analysts anticipate that Sagimet Biosciences will post -1.76 EPS for the current year.

Sagimet Biosciences Company Profile

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.