Sagimet Biosciences Inc. (NASDAQ:SGMT) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its holdings in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) by 42.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,400 shares of the company’s stock after selling 177,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.80% of Sagimet Biosciences worth $829,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SGMT. ORG Partners LLC purchased a new position in Sagimet Biosciences during the 2nd quarter valued at about $43,000. Nations Financial Group Inc. IA ADV purchased a new position in Sagimet Biosciences during the 2nd quarter valued at about $51,000. American International Group Inc. increased its holdings in Sagimet Biosciences by 312.0% during the 1st quarter. American International Group Inc. now owns 11,372 shares of the company’s stock valued at $62,000 after acquiring an additional 8,612 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new position in Sagimet Biosciences during the 1st quarter valued at about $72,000. Finally, Ground Swell Capital LLC purchased a new position in Sagimet Biosciences during the 2nd quarter valued at about $78,000. 87.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Chairman George Kemble sold 23,625 shares of Sagimet Biosciences stock in a transaction 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 owns 118,693 shares in the company, valued at approximately $376,256.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Sagimet Biosciences news, General Counsel Elizabeth Rozek sold 10,914 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $33,833.40. Following the completion of the sale, the general counsel now owns 160,506 shares in the company, valued at $497,568.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman George Kemble sold 23,625 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were 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 approximately $376,256.81. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,958 shares of company stock worth $178,224 over the last 90 days. Company insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SGMT. JMP Securities lowered their price target on shares of Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a report on Thursday, August 15th. 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. Finally, HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Sagimet Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Sagimet Biosciences Price Performance

SGMT opened at $4.16 on Tuesday. The company’s 50 day simple moving average is $3.10 and its 200 day simple moving average is $3.88. Sagimet Biosciences Inc. has a 1 year low of $2.13 and a 1 year high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. As a group, sell-side analysts anticipate that Sagimet Biosciences Inc. will post -1.56 earnings per share for the current fiscal year.

About Sagimet Biosciences

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.