Short Interest in Sagimet Biosciences Inc. (NASDAQ:SGMT) Declines By 26.8%

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

Sagimet Biosciences Price Performance

Shares of NASDAQ SGMT traded up $0.02 during midday trading on Friday, reaching $3.42. 239,160 shares of the company’s stock traded hands, compared to its average volume of 542,058. The stock’s 50 day simple moving average is $4.04 and its 200-day simple moving average is $5.52. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last announced its earnings results on Wednesday, May 15th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.18. Sell-side analysts forecast that Sagimet Biosciences will post -1.76 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on SGMT. HC Wainwright reiterated a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a research note on Friday, June 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $6.00 target price (down from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $48.00 price target on shares of Sagimet Biosciences in a research note on Friday, June 7th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.80.

Insiders Place Their Bets

In other news, insider Eduardo Bruno Martins sold 8,357 shares of the firm’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 $25,906.70. Following the completion of the sale, the insider now directly owns 81,213 shares of the company’s stock, valued at approximately $251,760.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Eduardo Bruno Martins sold 8,357 shares of the firm’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $3.10, for a total value of $25,906.70. Following the completion of the sale, the insider now owns 81,213 shares in the company, valued at approximately $251,760.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman George Kemble sold 14,062 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction 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 56,958 shares of company stock valued at $178,224 over the last ninety days. 17.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Sagimet Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. boosted its holdings in shares of Sagimet Biosciences by 312.0% in the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after buying an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in Sagimet Biosciences in the first quarter valued at approximately $72,000. ORG Partners LLC purchased a new position in Sagimet Biosciences in the second quarter worth $43,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Sagimet Biosciences in the 1st quarter worth $91,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Sagimet Biosciences during the 1st quarter worth $113,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

About Sagimet Biosciences

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.