Sagimet Biosciences Inc. (NASDAQ:SGMT) Sees Large Decline in Short Interest

Sagimet Biosciences Inc. (NASDAQ:SGMT) was the recipient of a large decrease in short interest during the month of 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 trading volume of 820,300 shares, the days-to-cover ratio is presently 5.1 days. Currently, 18.0% of the company’s stock are sold short.

Sagimet Biosciences Stock Down 12.1 %

Shares of NASDAQ:SGMT opened at $3.26 on Tuesday. The company has a market cap of $100.00 million, a PE ratio of -2.28 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 firm has a 50-day simple moving average of $4.04 and a 200 day simple moving average of $4.52.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Wednesday, March 12th. The company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.15. As a group, research analysts forecast that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Sagimet Biosciences

Several large investors have recently added to or reduced their stakes in SGMT. Geode Capital Management LLC boosted its holdings in shares of Sagimet Biosciences by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock valued at $1,149,000 after acquiring an additional 2,938 shares during the period. Stoneridge Investment Partners LLC boosted its stake in Sagimet Biosciences by 22.2% during the 4th quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock valued at $94,000 after purchasing an additional 3,780 shares during the period. Wells Fargo & Company MN bought a new position in Sagimet Biosciences in the 4th quarter worth about $31,000. Barclays PLC increased its stake in shares of Sagimet Biosciences by 14.3% in the third quarter. Barclays PLC now owns 57,230 shares of the company’s stock valued at $159,000 after purchasing an additional 7,178 shares during the period. Finally, Jacksonville Wealth Management LLC bought a new stake in shares of Sagimet Biosciences during the fourth quarter valued at approximately $45,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.