Alyeska Investment Group L.P. Sells 87,846 Shares of Sagimet Biosciences Inc. (NASDAQ:SGMT)

Alyeska Investment Group L.P. reduced its position in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT - Free Report) by 6.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,290,512 shares of the company's stock after selling 87,846 shares during the quarter. Alyeska Investment Group L.P. owned about 4.21% of Sagimet Biosciences worth $5,807,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SGMT. Barclays PLC grew its holdings in Sagimet Biosciences by 14.3% during the third quarter. Barclays PLC now owns 57,230 shares of the company's stock worth $159,000 after acquiring an additional 7,178 shares during the period. Geode Capital Management LLC raised its holdings in shares of Sagimet Biosciences by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 255,236 shares of the company's stock valued at $1,149,000 after acquiring an additional 2,938 shares during the period. JPMorgan Chase & Co. raised its stake in Sagimet Biosciences by 66.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 72,017 shares of the company's stock valued at $199,000 after purchasing an additional 28,690 shares during the period. American Century Companies Inc. purchased a new stake in shares of Sagimet Biosciences in the fourth quarter valued at $90,000. Finally, 683 Capital Management LLC purchased a new position in shares of Sagimet Biosciences during the fourth quarter valued at $622,000. 87.86% of the stock is currently owned by institutional investors and hedge funds.

Sagimet Biosciences Price Performance

SGMT traded up $0.04 during midday trading on Friday, hitting $3.24. 266,353 shares of the company's stock traded hands, compared to its average volume of 860,445. The company has a market cap of $99.39 million, a PE ratio of -2.27 and a beta of 2.32. The stock's fifty day simple moving average is $3.10 and its 200-day simple moving average is $4.23. 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 released its quarterly earnings results on Thursday, May 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.23. On average, research analysts expect that Sagimet Biosciences Inc. will post -1.6 EPS for the current year.

Wall Street Analyst Weigh In

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

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.