Short Interest in Sagimet Biosciences Inc. (NASDAQ:SGMT) Declines By 15.9%

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

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN acquired a new position in Sagimet Biosciences during the 4th quarter worth approximately $31,000. Jacksonville Wealth Management LLC bought a new position in Sagimet Biosciences in the 4th quarter valued at about $45,000. Summit Financial Wealth Advisors LLC acquired a new position in Sagimet Biosciences during the 4th quarter valued at about $61,000. Shay Capital LLC acquired a new position in Sagimet Biosciences during the 4th quarter valued at about $87,000. Finally, American Century Companies Inc. bought a new stake in Sagimet Biosciences during the 4th quarter worth approximately $90,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SGMT has been the subject of a number of recent research reports. Oppenheimer initiated coverage on shares of Sagimet Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $30.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Sagimet Biosciences has an average rating of “Moderate Buy” and an average target price of $22.40.

Sagimet Biosciences Stock Up 2.5 %

Shares of NASDAQ:SGMT traded up $0.07 during trading on Wednesday, reaching $2.65. 438,172 shares of the company traded hands, compared to its average volume of 835,847. The firm has a market capitalization of $81.14 million, a PE ratio of -1.84 and a beta of 2.57. Sagimet Biosciences has a 52 week low of $2.39 and a 52 week high of $7.38. The company’s 50 day moving average is $4.01 and its two-hundred day moving average is $4.51.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.65) by $0.15. As a group, research analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current 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.