Nations Financial Group Inc. IA ADV Makes New Investment in Sagimet Biosciences Inc. (NASDAQ:SGMT)

Nations Financial Group Inc. IA ADV purchased a new stake in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 15,000 shares of the company’s stock, valued at approximately $51,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Sagimet Biosciences by 364.9% in the first quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock valued at $6,176,000 after buying an additional 894,319 shares during the last quarter. Ikarian Capital LLC purchased a new stake in shares of Sagimet Biosciences in the 1st quarter valued at $2,236,000. Federated Hermes Inc. increased its stake in shares of Sagimet Biosciences by 24.7% in the fourth quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after acquiring an additional 19,276 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Sagimet Biosciences by 215.0% during the fourth quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock worth $307,000 after purchasing an additional 38,610 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Sagimet Biosciences during the first quarter worth $188,000. 87.86% of the stock is owned by institutional investors and hedge funds.

Sagimet Biosciences Price Performance

SGMT opened at $3.08 on Friday. The company has a fifty day moving average of $3.15 and a two-hundred day moving average of $4.44. Sagimet Biosciences Inc. has a fifty-two week low of $2.13 and a fifty-two week high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.09. Sell-side analysts predict that Sagimet Biosciences Inc. will post -1.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

SGMT has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Sagimet Biosciences in a research report on Thursday, August 15th. The Goldman Sachs Group restated a “neutral” rating and issued a $6.00 target price (down previously from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. Finally, JMP Securities reduced their price target on Sagimet Biosciences from $48.00 to $32.00 and set a “market outperform” rating for the company in a research report on Thursday, August 15th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Insider Activity

In other news, Chairman George Kemble sold 23,625 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total transaction of $74,891.25. Following the transaction, the chairman now owns 118,693 shares in the company, valued at approximately $376,256.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Eduardo Bruno Martins sold 8,357 shares of Sagimet Biosciences stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $25,906.70. Following the sale, the insider now directly owns 81,213 shares in the company, valued at approximately $251,760.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman George Kemble sold 23,625 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $3.17, for a total value of $74,891.25. Following the sale, the chairman now owns 118,693 shares of the company’s stock, valued at $376,256.81. The disclosure for this sale can be found here. Insiders sold 56,958 shares of company stock worth $178,224 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

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.