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

Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) was the recipient 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. Based on an average daily trading volume, of 820,300 shares, the short-interest ratio is presently 5.1 days. Approximately 18.0% of the shares of the stock are sold short.

Analyst Ratings Changes

A number of brokerages have recently commented on SGMT. HC Wainwright reiterated a "buy" rating and set a $32.00 price objective on shares of Sagimet Biosciences in a research report on Tuesday, March 11th. Oppenheimer assumed coverage on Sagimet Biosciences in a report on Friday, December 6th. They set an "outperform" rating and a $30.00 target price for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Sagimet Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $22.40.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its holdings in shares of Sagimet Biosciences by 257.1% during the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company's stock valued at $3,120,000 after acquiring an additional 499,094 shares in the last quarter. Geode Capital Management LLC increased its position in Sagimet Biosciences by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company's stock worth $1,149,000 after purchasing an additional 2,938 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Sagimet Biosciences by 62.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company's stock worth $1,008,000 after purchasing an additional 85,800 shares in the last quarter. 683 Capital Management LLC acquired a new stake in shares of Sagimet Biosciences during the 4th quarter valued at about $622,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Sagimet Biosciences by 66.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company's stock valued at $199,000 after buying an additional 28,690 shares in the last quarter. 87.86% of the stock is owned by hedge funds and other institutional investors.

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Sagimet Biosciences Trading Down 8.4 %

NASDAQ:SGMT traded down $0.19 during trading hours on Friday, hitting $2.08. 914,999 shares of the stock traded hands, compared to its average volume of 842,490. The firm has a market cap of $63.80 million, a price-to-earnings ratio of -1.45 and a beta of 2.40. The firm has a 50 day moving average price of $3.89 and a 200 day moving average price of $4.48. Sagimet Biosciences has a fifty-two week low of $2.03 and a fifty-two week high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The company reported ($0.50) EPS for the quarter, topping analysts' consensus estimates of ($0.65) by $0.15. Research analysts predict 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.