FNY Investment Advisers LLC trimmed its position in Sagimet Biosciences Inc. (NASDAQ:SGMT – Free Report) by 52.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,744 shares of the company’s stock after selling 94,726 shares during the quarter. FNY Investment Advisers LLC owned approximately 0.28% of Sagimet Biosciences worth $660,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Persistent Asset Partners Ltd acquired a new position in Sagimet Biosciences in the first quarter valued at $35,000. XTX Topco Ltd purchased a new stake in shares of Sagimet Biosciences during the 1st quarter worth approximately $35,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Sagimet Biosciences during the 1st quarter worth approximately $49,000. ORG Wealth Partners LLC purchased a new stake in shares of Sagimet Biosciences during the 2nd quarter worth approximately $143,000. Finally, Jasper Ridge Partners L.P. purchased a new stake in shares of Sagimet Biosciences in the first quarter valued at about $62,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
SGMT has been the topic of several recent analyst reports. HC Wainwright raised shares of Sagimet Biosciences to a “buy” rating and set a $29.00 price objective on the stock in a research note on Thursday, August 7th. Zacks Research raised shares of Sagimet Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. Wedbush initiated coverage on shares of Sagimet Biosciences in a report on Monday, August 11th. They set an “outperform” rating and a $28.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $28.00 price objective on shares of Sagimet Biosciences in a research note on Thursday, October 2nd. Finally, Wall Street Zen raised shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Sunday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Sagimet Biosciences has an average rating of “Moderate Buy” and an average price target of $25.67.
Sagimet Biosciences Trading Down 0.6%
SGMT stock opened at $7.78 on Wednesday. Sagimet Biosciences Inc. has a 52 week low of $1.73 and a 52 week high of $11.41. The company has a market capitalization of $253.01 million, a price-to-earnings ratio of -4.25 and a beta of 3.23. The firm’s 50-day moving average is $7.29 and its two-hundred day moving average is $6.37.
Sagimet Biosciences (NASDAQ:SGMT – Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.20. On average, equities research analysts predict that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current 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.
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