Sagimet Biosciences Inc. (NASDAQ:SGMT) Sees Large Increase in Short Interest

Sagimet Biosciences Inc. (NASDAQ:SGMT) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 2,350,000 shares, a growth of 31.3% from the March 15th total of 1,790,000 shares. Based on an average daily trading volume, of 1,710,000 shares, the short-interest ratio is currently 1.4 days. Currently, 19.4% of the shares of the company are short sold.

Sagimet Biosciences Stock Performance

SGMT traded down $0.39 on Friday, reaching $4.83. 433,716 shares of the company’s stock were exchanged, compared to its average volume of 969,662. Sagimet Biosciences has a twelve month low of $2.13 and a twelve month high of $20.71. The stock’s fifty day moving average price is $5.96 and its 200-day moving average price is $5.92.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. SVB Leerink assumed coverage on shares of Sagimet Biosciences in a research report on Monday, March 25th. They issued an “outperform” rating and a $26.00 target price on the stock. JMP Securities dropped their target price on shares of Sagimet Biosciences from $47.00 to $46.00 and set a “market outperform” rating on the stock in a research report on Wednesday, February 7th. Leerink Partnrs reiterated an “outperform” rating on shares of Sagimet Biosciences in a research report on Monday, March 25th. Finally, The Goldman Sachs Group lowered their price target on shares of Sagimet Biosciences from $37.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $41.50.

Insider Buying and Selling at Sagimet Biosciences

In other news, CEO David Happel acquired 12,100 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was bought at an average price of $5.27 per share, with a total value of $63,767.00. Following the completion of the acquisition, the chief executive officer now owns 639,200 shares of the company’s stock, valued at $3,368,584. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On Sagimet Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in Sagimet Biosciences during the fourth quarter worth about $67,000. Blue Owl Capital Holdings LP purchased a new position in Sagimet Biosciences during the fourth quarter worth about $1,926,000. Barclays PLC purchased a new position in Sagimet Biosciences during the fourth quarter worth about $41,000. Bridgeway Capital Management LLC purchased a new position in Sagimet Biosciences during the fourth quarter worth about $244,000. Finally, Northern Trust Corp raised its stake in Sagimet Biosciences by 11.7% during the fourth quarter. Northern Trust Corp now owns 46,818 shares of the company’s stock worth $254,000 after purchasing an additional 4,892 shares during the period. 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.