Alyeska Investment Group L.P. Reduces Stock Holdings in Sagimet Biosciences Inc. $SGMT

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. decreased its position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 7.6% in the first quarter, according to its most recent Form 13F filing 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 SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Wells Fargo & Company MN purchased a new stake in shares of Sagimet Biosciences in the 4th quarter valued at $31,000. XTX Topco Ltd purchased a new stake in Sagimet Biosciences in the first quarter valued at $35,000. Persistent Asset Partners Ltd acquired a new stake in Sagimet Biosciences during the 1st quarter worth about $35,000. Charles Schwab Investment Management Inc. acquired a new stake in Sagimet Biosciences during the 1st quarter worth about $49,000. Finally, Jasper Ridge Partners L.P. purchased a new position in shares of Sagimet Biosciences during the 1st quarter valued at about $62,000. Institutional investors and hedge funds own 87.86% of the company's stock.

Insider Buying and Selling at Sagimet Biosciences

In related news, General Counsel Elizabeth Rozek sold 10,780 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $9.13, for a total transaction of $98,421.40. Following the transaction, the general counsel directly owned 183,726 shares in the company, valued at approximately $1,677,418.38. The trade was a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Eduardo Bruno Martins sold 8,277 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $9.13, for a total transaction of $75,569.01. Following the completion of the transaction, the insider directly owned 106,936 shares in the company, valued at $976,325.68. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,535 shares of company stock worth $771,805. Corporate insiders own 14.70% of the company's stock.

Sagimet Biosciences Trading Up 2.5%

NASDAQ:SGMT traded up $0.17 during trading hours on Wednesday, reaching $7.06. 376,034 shares of the company were exchanged, compared to its average volume of 1,047,498. The firm has a market cap of $229.57 million, a PE ratio of -3.85 and a beta of 3.35. Sagimet Biosciences Inc. has a twelve month low of $1.73 and a twelve month high of $11.41. The stock's 50-day moving average is $8.49 and its 200-day moving average is $5.61.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.20. As a group, research analysts anticipate that Sagimet Biosciences Inc. will post -1.6 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.