Sagimet Biosciences Inc. (NASDAQ:SGMT) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its stake in Sagimet Biosciences Inc. (NASDAQ:SGMT) by 42.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 242,400 shares of the company’s stock after selling 177,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Sagimet Biosciences were worth $829,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of SGMT. Vanguard Group Inc. lifted its holdings in Sagimet Biosciences by 364.9% in 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 during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $188,000. O Shaughnessy Asset Management LLC bought a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $72,000. American International Group Inc. grew its stake 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. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Sagimet Biosciences in the 1st quarter valued at approximately $91,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Trading Up 1.7 %

Sagimet Biosciences stock opened at $4.16 on Tuesday. The business’s 50-day simple moving average is $3.10 and its 200 day simple moving average is $3.88. Sagimet Biosciences Inc. 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, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.09. Equities research analysts forecast that Sagimet Biosciences Inc. will post -1.56 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction of $43,592.20. Following the transaction, the chairman now owns 142,318 shares in the company, valued at approximately $441,185.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $43,592.20. Following the transaction, the chairman now owns 142,318 shares in the company, valued at approximately $441,185.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eduardo Bruno Martins sold 8,357 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 $25,906.70. Following the transaction, the insider now owns 81,213 shares in the company, valued at approximately $251,760.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,958 shares of company stock worth $178,224. Insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

SGMT has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research report on Wednesday, October 2nd. 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 dropped their price objective on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sagimet Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Sagimet Biosciences 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.