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

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

Analysts Set New Price Targets

Several brokerages have recently commented on SGMT. JMP Securities reiterated a “market outperform” rating and set a $48.00 price objective on shares of Sagimet Biosciences in a research report on Friday, June 7th. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research report on Friday, June 14th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $6.00 price objective (down from $23.00) on shares of Sagimet Biosciences in a research report 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.80.

Sagimet Biosciences Price Performance

SGMT 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 firm has a fifty day simple moving average of $4.04 and a two-hundred day simple moving average of $5.52. Sagimet Biosciences has a 12 month low of $2.13 and a 12 month high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.18. As a group, analysts predict that Sagimet Biosciences will post -1.76 earnings per share for the current year.

Insider Buying and Selling at Sagimet Biosciences

In other Sagimet Biosciences news, Chairman George Kemble sold 14,062 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $43,592.20. Following the sale, the chairman now owns 142,318 shares of the company’s stock, valued at approximately $441,185.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Eduardo Bruno Martins sold 8,357 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $3.10, for a total transaction of $25,906.70. Following the transaction, the insider now directly owns 81,213 shares in the company, valued at approximately $251,760.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman George Kemble sold 14,062 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $43,592.20. Following the transaction, the chairman now owns 142,318 shares in the company, valued at $441,185.80. The disclosure for this sale can be found here. Insiders have sold a total of 56,958 shares of company stock valued at $178,224 in the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. American International Group Inc. lifted its holdings in Sagimet Biosciences by 312.0% in the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after buying an additional 8,612 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in Sagimet Biosciences in the 1st quarter worth approximately $72,000. ORG Partners LLC purchased a new stake in Sagimet Biosciences in the 2nd quarter worth approximately $43,000. Price T Rowe Associates Inc. MD purchased a new stake in Sagimet Biosciences in the 1st quarter worth approximately $91,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Sagimet Biosciences in the 1st quarter worth approximately $113,000. 87.86% of the stock is currently owned by institutional investors.

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.