Sagimet Biosciences Inc. (NASDAQ:SGMT) Short Interest Update

Sagimet Biosciences Inc. (NASDAQ:SGMT) was the target of a large decline in short interest in 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. Approximately 18.0% of the shares of the stock are short sold. Based on an average trading volume of 820,300 shares, the days-to-cover ratio is presently 5.1 days.

Sagimet Biosciences Price Performance

SGMT stock opened at $2.52 on Thursday. The company has a 50 day moving average price of $3.97 and a 200 day moving average price of $4.50. Sagimet Biosciences has a fifty-two week low of $2.39 and a fifty-two week high of $7.38. The stock has a market capitalization of $77.30 million, a PE ratio of -1.76 and a beta of 2.57.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SGMT. Squarepoint Ops LLC raised its stake in shares of 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 last quarter. Shay Capital LLC acquired a new stake in Sagimet Biosciences during the 4th quarter worth $87,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Sagimet Biosciences during the 4th quarter valued at $263,000. Millennium Management LLC lifted its stake in shares of Sagimet Biosciences by 257.1% in the 4th 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 boosted its position in shares of Sagimet Biosciences by 62.0% in 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 during the last quarter. 87.86% of the stock is currently owned by institutional investors and hedge funds.

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.