Sagimet Biosciences Inc. (NASDAQ:SGMT - Get Free Report) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 3,980,000 shares, a growth of 102.0% from the September 30th total of 1,970,000 shares. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is currently 3.0 days. Approximately 18.8% of the shares of the stock are sold short.
Several brokerages recently weighed in on SGMT. HC Wainwright reaffirmed a "buy" rating and issued a $32.00 target price on shares of Sagimet Biosciences in a report on Wednesday, October 2nd. JMP Securities cut their target price on Sagimet Biosciences from $48.00 to $32.00 and set a "market outperform" rating for the company in a research report on Thursday, August 15th. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $6.00 target price (down previously from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Sagimet Biosciences currently has a consensus rating of "Moderate Buy" and an average target price of $24.00.
Read Our Latest Stock Report on Sagimet Biosciences
NASDAQ SGMT traded up $0.09 during trading on Friday, hitting $5.59. The stock had a trading volume of 595,886 shares, compared to its average volume of 1,137,393. Sagimet Biosciences has a one year low of $2.13 and a one year high of $20.71. The stock has a 50 day simple moving average of $3.71 and a 200 day simple moving average of $3.88.
Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.34) by $0.09. Research analysts anticipate that Sagimet Biosciences will post -1.56 earnings per share for the current year.
A number of large investors have recently modified their holdings of SGMT. Vanguard Group Inc. raised its position in Sagimet Biosciences by 364.9% during the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company's stock valued at $6,176,000 after purchasing an additional 894,319 shares in the last quarter. Ikarian Capital LLC bought a new stake in shares of Sagimet Biosciences in the first quarter valued at about $2,236,000. Squarepoint Ops LLC purchased a new stake in Sagimet Biosciences in the second quarter worth about $324,000. Victory Capital Management Inc. grew its holdings in Sagimet Biosciences by 49.1% during the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company's stock worth $265,000 after acquiring an additional 25,480 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Sagimet Biosciences by 96.0% during the 2nd quarter. Acadian Asset Management LLC now owns 68,451 shares of the company's stock valued at $232,000 after purchasing an additional 33,522 shares during the period. Hedge funds and other institutional investors own 87.86% of the company's stock.
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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