Sagimet Biosciences Inc. (NASDAQ:SGMT) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. boosted its holdings in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) by 25.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,000 shares of the company’s stock after acquiring an additional 14,000 shares during the period. Federated Hermes Inc. owned about 0.22% of Sagimet Biosciences worth $233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SGMT. Vanguard Group Inc. raised its position in Sagimet Biosciences by 364.9% during the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after acquiring an additional 894,319 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Sagimet Biosciences during the first quarter worth about $188,000. O Shaughnessy Asset Management LLC acquired a new position in Sagimet Biosciences during the first quarter worth about $72,000. American International Group Inc. raised its position in Sagimet Biosciences by 312.0% during the first quarter. American International Group Inc. now owns 11,372 shares of the company’s stock worth $62,000 after acquiring an additional 8,612 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in Sagimet Biosciences during the first quarter worth about $91,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Sagimet Biosciences Stock Performance

Sagimet Biosciences stock opened at $2.86 on Wednesday. Sagimet Biosciences Inc. has a 1 year low of $2.13 and a 1 year high of $20.71. The firm has a 50 day moving average price of $3.08 and a 200 day moving average price of $3.96.

Sagimet Biosciences (NASDAQ:SGMT) last released its earnings results 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. Equities research analysts expect that Sagimet Biosciences Inc. will post -1.56 earnings per share for the current fiscal year.

Insider Activity at Sagimet Biosciences

In related news, Chairman George Kemble sold 23,625 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $3.17, for a total value of $74,891.25. Following the completion of the sale, the chairman now directly owns 118,693 shares in the company, valued at $376,256.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Sagimet Biosciences news, insider Eduardo Bruno Martins sold 8,357 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $25,906.70. Following the completion of the sale, the insider now directly owns 81,213 shares in the company, valued at $251,760.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman George Kemble sold 23,625 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total transaction of $74,891.25. Following the sale, the chairman now owns 118,693 shares of the company’s stock, valued at $376,256.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,958 shares of company stock worth $178,224. 17.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SGMT. JMP Securities cut their target price on shares of 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. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a report on Thursday, August 15th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $6.00 price target (down from $23.00) on shares of Sagimet Biosciences in a report on Friday, June 28th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.00.

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.