Sagimet Biosciences Inc. (NASDAQ:SGMT) Sees Significant Decline in Short Interest

Sagimet Biosciences Inc. (NASDAQ:SGMT) was the target of a significant drop in short interest during the month of 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 trading volume of 820,300 shares, the short-interest ratio is currently 5.1 days. Approximately 18.0% of the shares of the company are short sold.

Institutional Investors Weigh In On Sagimet Biosciences

Large investors have recently modified their holdings of the stock. Wells Fargo & Company MN bought a new position in shares of Sagimet Biosciences during the 4th quarter worth approximately $31,000. Jacksonville Wealth Management LLC bought a new position in shares of Sagimet Biosciences during the fourth quarter valued at $45,000. Summit Financial Wealth Advisors LLC bought a new position in shares of Sagimet Biosciences during the fourth quarter valued at $61,000. Shay Capital LLC acquired a new stake in shares of Sagimet Biosciences in the 4th quarter valued at $87,000. Finally, American Century Companies Inc. bought a new stake in shares of Sagimet Biosciences in the 4th quarter worth about $90,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Price Performance

Shares of SGMT stock opened at $2.52 on Thursday. Sagimet Biosciences has a one year low of $2.39 and a one year high of $7.38. The stock has a fifty day moving average price of $3.97 and a 200 day moving average price of $4.50. The stock has a market cap of $77.30 million, a P/E ratio of -1.76 and a beta of 2.57.

Sagimet Biosciences (NASDAQ:SGMT) last released 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. Equities research analysts anticipate that Sagimet Biosciences will post -1.6 EPS for the current year.

Analysts Set New Price Targets

SGMT has been the subject of several research analyst reports. Oppenheimer assumed coverage on shares of Sagimet Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $30.00 target price for the company. HC Wainwright reaffirmed 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 assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

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.