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

Renaissance Technologies LLC trimmed its position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 42.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 242,400 shares of the company's stock after selling 177,000 shares during the period. Renaissance Technologies LLC owned 0.80% of Sagimet Biosciences worth $829,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SGMT. Vanguard Group Inc. raised its position in shares of Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company's stock valued at $6,176,000 after purchasing an additional 894,319 shares during the period. Ikarian Capital LLC bought a new stake in shares of Sagimet Biosciences during the 1st quarter valued at $2,236,000. Acadian Asset Management LLC bought a new stake in shares of Sagimet Biosciences during the 1st quarter valued at $188,000. Victory Capital Management Inc. raised its position in shares of Sagimet Biosciences by 49.1% during the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company's stock valued at $265,000 after purchasing an additional 25,480 shares during the period. Finally, Ground Swell Capital LLC bought a new stake in shares of Sagimet Biosciences during the 2nd quarter valued at $78,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Trading Down 4.8 %

Shares of NASDAQ:SGMT traded down $0.20 during trading hours on Tuesday, hitting $3.96. The company's stock had a trading volume of 693,644 shares, compared to its average volume of 1,155,098. Sagimet Biosciences Inc. has a 52 week low of $2.13 and a 52 week high of $20.71. The firm's fifty day moving average price is $3.10 and its 200 day moving average price is $3.88.

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

Insider Buying and Selling

In related news, insider Eduardo Bruno Martins sold 8,357 shares of the business's stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $25,906.70. Following the completion of the transaction, the insider now owns 81,213 shares in the company, valued at $251,760.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Sagimet Biosciences news, General Counsel Elizabeth Rozek sold 10,914 shares of the company's stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $33,833.40. Following the transaction, the general counsel now owns 160,506 shares in the company, valued at approximately $497,568.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eduardo Bruno Martins sold 8,357 shares of the company's stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $25,906.70. Following the transaction, the insider now owns 81,213 shares in the company, valued at $251,760.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,958 shares of company stock worth $178,224 in the last 90 days. 17.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $6.00 target price (down from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. JMP Securities dropped their price target on shares of 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. Finally, HC Wainwright reaffirmed a "buy" rating and set a $32.00 price target on shares of Sagimet Biosciences in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock 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.