Sagimet Biosciences Inc. (NASDAQ:SGMT) Short Interest Down 15.2% in March

Sagimet Biosciences Inc. (NASDAQ:SGMT) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totaling 3,225,311 shares, a decline of 15.2% from the March 15th total of 3,803,560 shares. Based on an average trading volume of 410,992 shares, the days-to-cover ratio is presently 7.8 days. Approximately 11.6% of the company’s shares are sold short.

Insider Transactions at Sagimet Biosciences

In related news, CEO David Happel sold 12,101 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total transaction of $64,861.36. Following the completion of the transaction, the chief executive officer owned 677,621 shares in the company, valued at $3,632,048.56. The trade was a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. AlphaQuest LLC bought a new position in shares of Sagimet Biosciences in the 3rd quarter worth $804,000. HighTower Advisors LLC raised its position in shares of Sagimet Biosciences by 10.1% in the 4th quarter. HighTower Advisors LLC now owns 37,189 shares of the company’s stock worth $220,000 after acquiring an additional 3,408 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Sagimet Biosciences by 9,168.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 26,785 shares of the company’s stock worth $204,000 after acquiring an additional 26,496 shares in the last quarter. Mariner LLC raised its position in shares of Sagimet Biosciences by 27.9% in the 4th quarter. Mariner LLC now owns 32,100 shares of the company’s stock worth $190,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Sagimet Biosciences by 158.6% in the 3rd quarter. Bank of America Corp DE now owns 25,708 shares of the company’s stock worth $176,000 after acquiring an additional 15,765 shares in the last quarter. 87.86% of the stock is owned by institutional investors.

Sagimet Biosciences Trading Up 4.5%

Shares of SGMT stock opened at $6.47 on Friday. Sagimet Biosciences has a twelve month low of $2.29 and a twelve month high of $11.41. The stock has a market capitalization of $210.79 million, a price-to-earnings ratio of -4.12 and a beta of 3.17. The stock has a fifty day simple moving average of $5.36 and a two-hundred day simple moving average of $6.31.

Sagimet Biosciences (NASDAQ:SGMT) last issued its earnings results on Wednesday, March 11th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.14. Research analysts predict that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on SGMT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, January 22nd. Guggenheim began coverage on Sagimet Biosciences in a report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 target price for the company. Wall Street Zen upgraded Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of Sagimet Biosciences in a report on Wednesday, March 11th. Finally, Rodman & Renshaw began coverage on Sagimet Biosciences in a report on Thursday, March 26th. They issued a “buy” rating and a $28.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.25.

Sagimet Biosciences Company Profile

Sagimet Biosciences (NASDAQ: SGMT) is a clinical-stage biotechnology company focused on developing novel therapies for fibrotic diseases. The company’s lead program, CM-101, is a first-in-class fusion protein designed to neutralize the chemokine CCL24 and interrupt key drivers of tissue fibrosis. Preclinical data have demonstrated CM-101’s potential to block fibrotic signaling pathways in multiple organ systems, and the company has advanced the program into early-stage clinical evaluation for indications such as nonalcoholic steatohepatitis and systemic sclerosis.

In addition to CM-101, Sagimet maintains a pipeline of preclinical candidates targeting inflammation-driven fibrotic processes.