Sagimet Biosciences Inc. $SGMT Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its position in Sagimet Biosciences Inc. (NASDAQ:SGMT) by 82.6% in the 1st quarter, HoldingsChannel reports. The firm owned 625,469 shares of the company’s stock after purchasing an additional 282,969 shares during the quarter. Renaissance Technologies LLC’s holdings in Sagimet Biosciences were worth $3,268,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Sagimet Biosciences by 4.3% in the third quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock valued at $8,254,000 after buying an additional 49,375 shares during the last quarter. Affinity Asset Advisors LLC increased its holdings in Sagimet Biosciences by 228.1% in the 4th quarter. Affinity Asset Advisors LLC now owns 1,148,245 shares of the company’s stock worth $6,798,000 after buying an additional 798,245 shares during the period. Marshall Wace LLP purchased a new position in Sagimet Biosciences during the 4th quarter worth approximately $4,620,000. Millennium Management LLC raised its position in Sagimet Biosciences by 6,484.7% during the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after buying an additional 788,537 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its position in Sagimet Biosciences by 462.4% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock worth $3,593,000 after buying an additional 430,644 shares during the last quarter. Institutional investors and hedge funds own 87.86% of the company’s stock.

Insider Buying and Selling

In other Sagimet Biosciences news, Director George Kemble sold 18,844 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.46, for a total value of $140,576.24. Following the sale, the director directly owned 62,161 shares of the company’s stock, valued at approximately $463,721.06. This trade represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Happel sold 64,051 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $497,035.76. Following the completion of the sale, the chief executive officer owned 741,570 shares of the company’s stock, valued at $5,754,583.20. This trade represents a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 93,440 shares of company stock valued at $719,441. 11.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on SGMT shares. Citizens Jmp dropped their price objective on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 19th. Canaccord Genuity Group boosted their target price on shares of Sagimet Biosciences from $28.00 to $49.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a report on Friday, May 1st. Guggenheim cut their price target on Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.57.

Sagimet Biosciences Stock Performance

SGMT opened at $9.06 on Friday. The company has a fifty day moving average of $7.24 and a two-hundred day moving average of $6.45. The stock has a market capitalization of $295.22 million, a price-to-earnings ratio of -6.76 and a beta of 3.37. Sagimet Biosciences Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $10.06.

Sagimet Biosciences (NASDAQ:SGMT) last posted its earnings results on Tuesday, May 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.06. On average, equities research analysts forecast that Sagimet Biosciences Inc. will post -1.15 earnings per share for the current year.

Sagimet Biosciences Company Profile

Sagimet Biosciences (NASDAQ: SGMT) is a clinical-stage biotechnology company focused on developing novel therapies for fibrotic diseases. The company’s lead program, CM-101, is a first-in-class fusion protein designed to neutralize the chemokine CCL24 and interrupt key drivers of tissue fibrosis. Preclinical data have demonstrated CM-101’s potential to block fibrotic signaling pathways in multiple organ systems, and the company has advanced the program into early-stage clinical evaluation for indications such as nonalcoholic steatohepatitis and systemic sclerosis.

In addition to CM-101, Sagimet maintains a pipeline of preclinical candidates targeting inflammation-driven fibrotic processes.