Sagimet Biosciences Inc. (NASDAQ:SGMT) Short Interest Update

Sagimet Biosciences Inc. (NASDAQ:SGMT) saw a significant decrease in short interest in March. As of March 15th, there was short interest totalling 4,190,000 shares, a decrease of 15.9% from the February 28th total of 4,980,000 shares. Based on an average daily volume of 820,300 shares, the days-to-cover ratio is presently 5.1 days. Currently, 18.0% of the shares of the company are sold short.

Hedge Funds Weigh In On Sagimet Biosciences

A number of institutional investors have recently made changes to their positions in the business. Barclays PLC raised its position in shares of Sagimet Biosciences by 14.3% during the third quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after buying an additional 7,178 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Sagimet Biosciences by 56.7% in the 3rd quarter. Geode Capital Management LLC now owns 252,298 shares of the company’s stock worth $699,000 after buying an additional 91,246 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Sagimet Biosciences by 66.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company’s stock valued at $199,000 after buying an additional 28,690 shares in the last quarter. Jacksonville Wealth Management LLC bought a new stake in Sagimet Biosciences in the fourth quarter valued at $45,000. Finally, Stoneridge Investment Partners LLC raised its stake in Sagimet Biosciences by 22.2% during the fourth quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock worth $94,000 after acquiring an additional 3,780 shares in the last quarter. 87.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SGMT shares. Oppenheimer started coverage on shares of Sagimet Biosciences in a report on Friday, December 6th. They issued an “outperform” rating and a $30.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $32.00 price target on shares of Sagimet Biosciences in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.40.

Sagimet Biosciences Price Performance

SGMT traded up $0.07 during trading on Wednesday, reaching $2.65. 438,172 shares of the stock traded hands, compared to its average volume of 835,847. The stock has a market cap of $81.14 million, a price-to-earnings ratio of -1.84 and a beta of 2.57. Sagimet Biosciences has a fifty-two week low of $2.39 and a fifty-two week high of $7.38. The stock’s 50-day simple moving average is $4.01 and its two-hundred day simple moving average is $4.51.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.15. Research analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current fiscal 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.