Sagimet Biosciences Inc. $SGMT Shares Sold by FNY Investment Advisers LLC

FNY Investment Advisers LLC lowered its holdings in Sagimet Biosciences Inc. (NASDAQ:SGMT) by 52.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,744 shares of the company’s stock after selling 94,726 shares during the period. FNY Investment Advisers LLC’s holdings in Sagimet Biosciences were worth $660,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SGMT. XTX Topco Ltd acquired a new position in shares of Sagimet Biosciences in the 1st quarter worth approximately $35,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Sagimet Biosciences in the 1st quarter worth approximately $49,000. Persistent Asset Partners Ltd acquired a new position in shares of Sagimet Biosciences in the 1st quarter worth approximately $35,000. American Century Companies Inc. grew its stake in shares of Sagimet Biosciences by 93.2% in the 1st quarter. American Century Companies Inc. now owns 38,831 shares of the company’s stock worth $127,000 after purchasing an additional 18,728 shares during the last quarter. Finally, Jasper Ridge Partners L.P. acquired a new position in shares of Sagimet Biosciences in the 1st quarter worth approximately $62,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Sagimet Biosciences in a research note on Thursday, October 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday. Zacks Research raised shares of Sagimet Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Finally, Wedbush started coverage on shares of Sagimet Biosciences in a research report on Monday, August 11th. They issued an “outperform” rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $25.67.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock opened at $7.78 on Wednesday. The firm’s 50 day simple moving average is $7.29 and its 200-day simple moving average is $6.37. The company has a market cap of $253.01 million, a P/E ratio of -4.25 and a beta of 3.23. Sagimet Biosciences Inc. has a fifty-two week low of $1.73 and a fifty-two week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.20. On average, analysts expect that Sagimet Biosciences Inc. will post -1.6 EPS for the current fiscal year.

Sagimet Biosciences 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.