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

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) saw a large increase in short interest in October. As of October 15th, there was short interest totalling 3,980,000 shares, an increase of 102.0% from the September 30th total of 1,970,000 shares. Approximately 18.8% of the company's shares are short sold. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is currently 3.0 days.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. HC Wainwright reissued a "buy" rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research note on Wednesday, October 2nd. JMP Securities reduced their price target on Sagimet Biosciences from $48.00 to $32.00 and set a "market outperform" rating on the stock in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $6.00 price objective (down previously from $23.00) on shares of Sagimet Biosciences in a research report on Friday, June 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Sagimet Biosciences has an average rating of "Moderate Buy" and an average target price of $24.00.

Hedge Funds Weigh In On Sagimet Biosciences

A number of large investors have recently modified their holdings of the company. American International Group Inc. increased its position in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company's stock worth $62,000 after purchasing an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new position in shares of Sagimet Biosciences in the 1st quarter valued at $72,000. ORG Partners LLC acquired a new position in shares of Sagimet Biosciences during the 2nd quarter valued at $43,000. Nations Financial Group Inc. IA ADV purchased a new stake in Sagimet Biosciences during the 2nd quarter worth $51,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Sagimet Biosciences in the 1st quarter valued at $91,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Sagimet Biosciences Stock Performance

SGMT stock traded up $0.09 on Friday, hitting $5.59. 595,886 shares of the company were exchanged, compared to its average volume of 1,137,393. Sagimet Biosciences has a twelve month low of $2.13 and a twelve month high of $20.71. The business's fifty day moving average is $3.71 and its two-hundred day moving average is $3.87.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, topping analysts' consensus estimates of ($0.34) by $0.09. Sell-side analysts anticipate that Sagimet Biosciences will post -1.56 EPS for the current year.

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.