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

Sagimet Biosciences Inc. (NASDAQ:SGMT) saw a significant 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. Currently, 11.6% of the shares of the company are short sold. Based on an average daily volume of 410,992 shares, the days-to-cover ratio is currently 7.8 days.

Insider Buying and Selling

In other Sagimet Biosciences news, CEO David Happel sold 12,101 shares of Sagimet Biosciences stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $5.36, for a total value of $64,861.36. Following the transaction, the chief executive officer directly owned 677,621 shares in the company, valued at approximately $3,632,048.56. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 14.70% of the company’s stock.

Institutional Trading of Sagimet Biosciences

A number of institutional investors have recently added to or reduced their stakes in SGMT. Royal Bank of Canada boosted its holdings in Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after buying an additional 4,391 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in Sagimet Biosciences during the fourth quarter worth about $30,000. Wedmont Private Capital purchased a new stake in Sagimet Biosciences during the fourth quarter worth about $60,000. Virtu Financial LLC purchased a new stake in Sagimet Biosciences during the fourth quarter worth about $62,000. Finally, Hamilton Lane Advisors LLC purchased a new stake in Sagimet Biosciences during the fourth quarter worth about $66,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Guggenheim assumed coverage on shares of Sagimet Biosciences in a research report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 price objective for the company. Rodman & Renshaw assumed coverage on Sagimet Biosciences in a report on Thursday, March 26th. They issued a “buy” rating and a $28.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, January 22nd. Barclays assumed coverage on Sagimet Biosciences in a report on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Sagimet Biosciences in a report on Wednesday, March 11th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Sagimet Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.25.

Sagimet Biosciences Stock Performance

SGMT stock traded up $0.29 during trading on Friday, reaching $6.48. 394,762 shares of the company were exchanged, compared to its average volume of 538,792. The company has a market cap of $211.18 million, a P/E ratio of -4.15 and a beta of 3.17. Sagimet Biosciences has a 52-week low of $2.29 and a 52-week high of $11.41. The stock’s 50 day moving average price is $5.34 and its 200 day moving average price is $6.32.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings data on Wednesday, March 11th. The company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.14. As a group, equities research analysts forecast that Sagimet Biosciences will post -1.6 EPS for the current year.

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.