Sagimet Biosciences Inc. (NASDAQ:SGMT) Position Reduced by Point72 Asset Management L.P.

Point72 Asset Management L.P. lowered its position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 11.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,366,090 shares of the company's stock after selling 300,694 shares during the period. Point72 Asset Management L.P. owned approximately 7.79% of Sagimet Biosciences worth $8,092,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. American International Group Inc. increased its stake in shares of Sagimet Biosciences by 312.0% in the first quarter. American International Group Inc. now owns 11,372 shares of the company's stock worth $62,000 after buying an additional 8,612 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in shares of Sagimet Biosciences in the first quarter worth $72,000. ORG Partners LLC bought a new stake in shares of Sagimet Biosciences in the second quarter worth $43,000. Federated Hermes Inc. increased its stake in shares of Sagimet Biosciences by 25.9% in the second quarter. Federated Hermes Inc. now owns 68,000 shares of the company's stock worth $233,000 after buying an additional 14,000 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV acquired a new position in Sagimet Biosciences in the second quarter worth $51,000. Hedge funds and other institutional investors own 87.86% of the company's stock.

Sagimet Biosciences Stock Performance

Shares of SGMT traded up $0.28 during midday trading on Wednesday, hitting $3.40. 3,670,150 shares of the stock traded hands, compared to its average volume of 1,121,255. Sagimet Biosciences Inc. has a 1-year low of $2.13 and a 1-year high of $20.71. The business's 50 day moving average price is $3.05 and its two-hundred day moving average price is $3.90.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.09. As a group, equities analysts anticipate that Sagimet Biosciences Inc. will post -1.56 earnings per share for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, Chairman George Kemble sold 23,625 shares of the company's stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total value of $74,891.25. Following the completion of the sale, the chairman now directly owns 118,693 shares of the company's stock, valued at approximately $376,256.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Sagimet Biosciences news, General Counsel Elizabeth Rozek sold 10,914 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 $33,833.40. Following the completion of the sale, the general counsel now directly owns 160,506 shares of the company's stock, valued at $497,568.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman George Kemble sold 23,625 shares of the company's stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total transaction of $74,891.25. Following the sale, the chairman now directly owns 118,693 shares of the company's stock, valued at $376,256.81. The disclosure for this sale can be found here. Insiders sold 56,958 shares of company stock valued at $178,224 over the last 90 days. 17.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on SGMT. 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 report on Friday, June 28th. JMP Securities decreased their price objective on shares of Sagimet Biosciences from $48.00 to $32.00 and set a "market outperform" rating for the company in a report on Thursday, August 15th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a report on Wednesday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Sagimet Biosciences has a consensus rating of "Moderate Buy" and a consensus target price 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.