Millennium Management LLC Acquires 499,094 Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT)

Millennium Management LLC boosted its position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 257.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 693,247 shares of the company's stock after buying an additional 499,094 shares during the quarter. Millennium Management LLC owned approximately 2.26% of Sagimet Biosciences worth $3,120,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC increased its position in Sagimet Biosciences by 62.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company's stock valued at $1,008,000 after purchasing an additional 85,800 shares during the period. 683 Capital Management LLC purchased a new position in Sagimet Biosciences during the 4th quarter valued at $622,000. Jane Street Group LLC purchased a new position in Sagimet Biosciences during the 4th quarter valued at $249,000. Dimensional Fund Advisors LP purchased a new position in Sagimet Biosciences during the 4th quarter valued at $114,000. Finally, Summit Financial Wealth Advisors LLC purchased a new position in Sagimet Biosciences during the 4th quarter valued at $61,000. 87.86% of the stock is currently owned by institutional investors.

Sagimet Biosciences Price Performance

Sagimet Biosciences stock traded up $0.45 during mid-day trading on Wednesday, reaching $4.08. The stock had a trading volume of 20,311,576 shares, compared to its average volume of 934,976. The company has a market capitalization of $125.15 million, a price-to-earnings ratio of -2.32 and a beta of 2.32. The company has a 50-day moving average price of $2.97 and a two-hundred day moving average price of $3.97. Sagimet Biosciences Inc. has a one year low of $1.73 and a one year high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.23. On average, equities research analysts anticipate that Sagimet Biosciences Inc. will post -1.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.