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

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

Sagimet Biosciences Trading Up 4.7%

NASDAQ:SGMT traded up $0.29 during midday trading on Friday, hitting $6.48. 394,762 shares of the company were exchanged, compared to its average volume of 538,792. The company has a fifty day simple moving average of $5.34 and a 200 day simple moving average of $6.32. Sagimet Biosciences has a fifty-two week low of $2.29 and a fifty-two week high of $11.41. The company has a market capitalization of $211.18 million, a PE ratio of -4.15 and a beta of 3.17.

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

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in Sagimet Biosciences by 819.2% in the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock valued at $29,000 after purchasing an additional 4,391 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in Sagimet Biosciences in the fourth quarter valued at $30,000. Bank of America Corp DE increased its stake in Sagimet Biosciences by 81.8% in the second quarter. Bank of America Corp DE now owns 9,943 shares of the company’s stock valued at $76,000 after purchasing an additional 4,473 shares during the period. Virtu Financial LLC acquired a new position in Sagimet Biosciences in the fourth quarter valued at $62,000. Finally, Wedmont Private Capital acquired a new position in Sagimet Biosciences in the fourth quarter valued at $60,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Sagimet Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a report on Thursday, January 22nd. Barclays assumed coverage on shares of Sagimet Biosciences in a report on Tuesday, January 27th. They issued an “equal weight” rating and a $8.00 target price for the company. Rodman & Renshaw assumed coverage on shares of Sagimet Biosciences in a report on Thursday, March 26th. They issued a “buy” rating and a $28.00 target price for the company. Finally, Guggenheim assumed coverage on shares of Sagimet Biosciences in a report on Tuesday, February 3rd. They issued a “buy” rating and a $27.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Sagimet Biosciences has a consensus rating of “Moderate Buy” and an average price target 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.