Summit Financial Wealth Advisors LLC Takes Position in Sagimet Biosciences Inc. (NASDAQ:SGMT)

Summit Financial Wealth Advisors LLC acquired a new position in Sagimet Biosciences Inc. (NASDAQ:SGMT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 13,000 shares of the company’s stock, valued at approximately $61,000.

Other hedge funds have also bought and sold shares of the company. Wells Fargo & Company MN bought a new stake in shares of Sagimet Biosciences in the fourth quarter worth approximately $31,000. Geode Capital Management LLC grew its position in Sagimet Biosciences by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 255,236 shares of the company’s stock worth $1,149,000 after purchasing an additional 2,938 shares during the period. American Century Companies Inc. purchased a new stake in Sagimet Biosciences during the 4th quarter valued at $90,000. Stoneridge Investment Partners LLC raised its stake in Sagimet Biosciences by 22.2% during the 4th quarter. Stoneridge Investment Partners LLC now owns 20,836 shares of the company’s stock valued at $94,000 after buying an additional 3,780 shares during the last quarter. Finally, Jacksonville Wealth Management LLC purchased a new position in shares of Sagimet Biosciences in the 4th quarter worth $45,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Down 4.8 %

SGMT traded down $0.11 during midday trading on Thursday, reaching $2.16. The company had a trading volume of 126,747 shares, compared to its average volume of 844,265. Sagimet Biosciences Inc. has a 1 year low of $1.73 and a 1 year high of $7.38. The company has a market cap of $66.26 million, a P/E ratio of -1.51 and a beta of 2.40. The business has a 50-day moving average of $3.67 and a two-hundred day moving average of $4.43.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings results on Wednesday, March 12th. The company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.15. On average, equities research analysts predict that Sagimet Biosciences Inc. will post -1.6 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Sagimet Biosciences in a 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, the stock currently has an average rating of “Moderate Buy” and an average 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.