94,740 Shares in Sagimet Biosciences Inc. (NASDAQ:SGMT) Bought by Squarepoint Ops LLC

Squarepoint Ops LLC purchased a new position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,740 shares of the company’s stock, valued at approximately $324,000. Squarepoint Ops LLC owned approximately 0.31% of Sagimet Biosciences at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SGMT. Vanguard Group Inc. grew its stake in Sagimet Biosciences by 364.9% in 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 during the period. Ikarian Capital LLC bought a new position in Sagimet Biosciences in the 1st quarter valued at $2,236,000. Victory Capital Management Inc. grew its stake in Sagimet Biosciences by 49.1% in the 2nd quarter. Victory Capital Management Inc. now owns 77,420 shares of the company’s stock valued at $265,000 after purchasing an additional 25,480 shares during the period. Acadian Asset Management LLC grew its stake in Sagimet Biosciences by 96.0% in 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. Finally, Federated Hermes Inc. grew its stake in Sagimet Biosciences by 25.9% in the 2nd quarter. Federated Hermes Inc. now owns 68,000 shares of the company’s stock valued at $233,000 after purchasing an additional 14,000 shares during the period. Institutional investors own 87.86% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman George Kemble sold 14,062 shares of the firm’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 value of $43,592.20. Following the completion of the transaction, the chairman now directly owns 142,318 shares in the company, valued at approximately $441,185.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman George Kemble sold 14,062 shares of the firm’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 value of $43,592.20. Following the completion of the transaction, the chairman now directly owns 142,318 shares in the company, valued at approximately $441,185.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eduardo Bruno Martins sold 8,357 shares of the firm’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 transaction, the insider now owns 81,213 shares of the company’s stock, valued at $251,760.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,958 shares of company stock worth $178,224 in the last quarter. 17.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SGMT has been the subject of a number of recent analyst reports. JMP Securities reduced their price objective on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research note on Thursday, August 15th. The Goldman Sachs Group restated a “neutral” rating and issued a $6.00 price objective (down previously from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. Finally, HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Sagimet Biosciences has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Sagimet Biosciences Trading Up 4.1 %

SGMT stock opened at $4.31 on Friday. Sagimet Biosciences Inc. has a fifty-two week low of $2.13 and a fifty-two week high of $20.71. The stock has a fifty day moving average of $3.16 and a 200-day moving average of $3.88.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.09. 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.