Sagimet Biosciences Inc. (NASDAQ:SGMT) Short Interest Down 15.9% in March

Sagimet Biosciences Inc. (NASDAQ:SGMT) was the target of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 4,190,000 shares, a decline 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 currently 5.1 days. Approximately 18.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SGMT shares. Oppenheimer initiated coverage on shares of Sagimet Biosciences in a research report on Friday, December 6th. They set an “outperform” rating and a $30.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $32.00 price objective on shares of Sagimet Biosciences in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.40.

Sagimet Biosciences Stock Down 12.1 %

Shares of SGMT opened at $3.26 on Tuesday. The firm has a market cap of $100.00 million, a PE ratio of -2.28 and a beta of 2.57. The company’s fifty day moving average is $4.04 and its two-hundred day moving average is $4.52. Sagimet Biosciences has a fifty-two week low of $2.39 and a fifty-two week high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.15. As a group, equities research analysts anticipate that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Institutional Trading of Sagimet Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC grew its stake in Sagimet Biosciences by 72.4% during the fourth quarter. Squarepoint Ops LLC now owns 50,484 shares of the company’s stock worth $227,000 after buying an additional 21,195 shares during the period. Shay Capital LLC purchased a new stake in Sagimet Biosciences during the 4th quarter worth $87,000. OMERS ADMINISTRATION Corp acquired a new stake in Sagimet Biosciences in the 4th quarter valued at $263,000. Millennium Management LLC raised its position in Sagimet Biosciences by 257.1% in the fourth quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock valued at $3,120,000 after purchasing an additional 499,094 shares during the period. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Sagimet Biosciences by 62.0% during the fourth 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. Institutional investors and hedge funds own 87.86% of the company’s stock.

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.