Boothbay Fund Management LLC reduced its stake in Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 89.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,518 shares of the company's stock after selling 102,433 shares during the quarter. Boothbay Fund Management LLC's holdings in Sagimet Biosciences were worth $56,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the company. Wells Fargo & Company MN acquired a new position in shares of Sagimet Biosciences during the 4th quarter worth approximately $31,000. Jacksonville Wealth Management LLC purchased a new stake in Sagimet Biosciences during the fourth quarter worth approximately $45,000. Summit Financial Wealth Advisors LLC purchased a new position in Sagimet Biosciences during the 4th quarter worth approximately $61,000. American Century Companies Inc. acquired a new stake in Sagimet Biosciences during the 4th quarter worth approximately $90,000. Finally, Stoneridge Investment Partners LLC increased its position in Sagimet Biosciences by 22.2% during the 4th quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company's stock worth $94,000 after purchasing an additional 3,780 shares during the period. 87.86% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Separately, HC Wainwright restated a "buy" rating and set a $32.00 target price on shares of Sagimet Biosciences in a report on Tuesday, March 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.
Get Our Latest Report on SGMT
Sagimet Biosciences Stock Performance
Shares of SGMT stock traded up $0.07 on Wednesday, reaching $3.34. 155,415 shares of the company's stock traded hands, compared to its average volume of 858,973. Sagimet Biosciences Inc. has a 12-month low of $1.73 and a 12-month high of $7.38. The business's 50 day moving average price is $3.11 and its two-hundred day moving average price is $4.28. The company has a market capitalization of $102.45 million, a P/E ratio of -2.34 and a beta of 2.32.
Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last issued its earnings results on Wednesday, March 12th. The company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates of ($0.65) by $0.15. Research analysts predict that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current year.
Sagimet Biosciences Profile
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Free Report)
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.
See Also
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