Sagimet Biosciences Inc. $SGMT Shares Sold by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. reduced its stake in Sagimet Biosciences Inc. by 7.6%, selling 98,069 shares, and now holds 1,192,443 shares valued at approximately $3.89 million.
• Insider transactions include CEO David Happel selling 65,478 shares and General Counsel Elizabeth Rozek selling 10,780 shares, indicating a decrease in their ownership stake.
• Analysts have raised price targets for Sagimet Biosciences, with Canaccord Genuity and Wedbush setting target prices of $28.00, while the consensus rating is a "Buy" with an average target of $25.67.

Alyeska Investment Group L.P. trimmed its position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 7.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,192,443 shares of the company's stock after selling 98,069 shares during the quarter. Alyeska Investment Group L.P. owned 3.89% of Sagimet Biosciences worth $3,887,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Wells Fargo & Company MN purchased a new stake in shares of Sagimet Biosciences in the 4th quarter worth $31,000. XTX Topco Ltd purchased a new stake in Sagimet Biosciences in the first quarter valued at about $35,000. Persistent Asset Partners Ltd acquired a new stake in Sagimet Biosciences in the 1st quarter worth approximately $35,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Sagimet Biosciences during the first quarter worth $49,000. Finally, Jasper Ridge Partners L.P. purchased a new stake in shares of Sagimet Biosciences during the first quarter valued at $62,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Price Performance

Shares of SGMT stock traded down $0.09 during trading hours on Thursday, hitting $7.04. The company had a trading volume of 397,788 shares, compared to its average volume of 554,036. The stock has a market capitalization of $228.94 million, a PE ratio of -3.85 and a beta of 3.34. The company's fifty day moving average is $8.45 and its 200 day moving average is $5.64. Sagimet Biosciences Inc. has a fifty-two week low of $1.73 and a fifty-two week high of $11.41.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.52) by $0.20. Equities analysts forecast that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SGMT. Wall Street Zen raised Sagimet Biosciences from a "sell" rating to a "hold" rating in a report on Friday, September 5th. HC Wainwright upgraded Sagimet Biosciences to a "buy" rating and set a $29.00 price objective for the company in a research report on Thursday, August 7th. Canaccord Genuity Group started coverage on shares of Sagimet Biosciences in a research report on Thursday, July 24th. They set a "buy" rating and a $28.00 price target for the company. Wedbush assumed coverage on Sagimet Biosciences in a report on Monday, August 11th. They issued an "outperform" rating and a $28.00 price objective on the stock. Finally, Jones Trading boosted their target price on Sagimet Biosciences from $15.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Sagimet Biosciences has an average rating of "Buy" and a consensus target price of $25.67.

Insider Buying and Selling

In other Sagimet Biosciences news, General Counsel Elizabeth Rozek sold 10,780 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $98,421.40. Following the sale, the general counsel directly owned 183,726 shares in the company, valued at $1,677,418.38. This represents a 5.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Happel sold 65,478 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $597,814.14. Following the completion of the transaction, the chief executive officer owned 689,722 shares of the company's stock, valued at approximately $6,297,161.86. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,535 shares of company stock valued at $771,805 in the last ninety days. Company insiders own 14.70% of the company's stock.

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.