683 Capital Management LLC Purchases New Stake in Sagimet Biosciences Inc. (NASDAQ:SGMT)

683 Capital Management LLC bought a new position in Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 138,263 shares of the company's stock, valued at approximately $622,000. 683 Capital Management LLC owned about 0.45% of Sagimet Biosciences as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Barclays PLC grew its stake in shares of Sagimet Biosciences by 14.3% during the 3rd quarter. Barclays PLC now owns 57,230 shares of the company's stock worth $159,000 after purchasing an additional 7,178 shares during the period. Geode Capital Management LLC boosted its holdings in Sagimet Biosciences by 56.7% during the third quarter. Geode Capital Management LLC now owns 252,298 shares of the company's stock worth $699,000 after buying an additional 91,246 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Sagimet Biosciences by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company's stock valued at $199,000 after buying an additional 28,690 shares in the last quarter. Jacksonville Wealth Management LLC purchased a new position in Sagimet Biosciences in the fourth quarter valued at $45,000. Finally, Stoneridge Investment Partners LLC raised its position in shares of Sagimet Biosciences by 22.2% in the fourth quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company's stock worth $94,000 after acquiring an additional 3,780 shares during the period. 87.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a "buy" rating and issued a $32.00 price target on shares of Sagimet Biosciences in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Sagimet Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $22.40.

Sagimet Biosciences Stock Down 8.9 %

Shares of NASDAQ SGMT traded down $0.32 during trading on Tuesday, hitting $3.27. The company had a trading volume of 429,861 shares, compared to its average volume of 858,304. The firm has a market capitalization of $100.31 million, a price-to-earnings ratio of -2.29 and a beta of 2.32. The stock has a fifty day simple moving average of $3.12 and a two-hundred day simple moving average of $4.29. Sagimet Biosciences Inc. has a fifty-two week low of $1.73 and a fifty-two week high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.65) by $0.15. On average, analysts anticipate that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current year.

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.