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Why Have Sagimet Biosciences Inc (NASDAQ: SGMT) Shares Declined So Much?

Sagimet Biosciences Inc (NASDAQ:SGMT) price closed higher on Monday, February 12, jumping 28.37% above its previous close.

A look at the daily price movement shows that the last close reads $6.24. Taking into account the 52-week price action we note that the stock hit a 52-week high of $20.71 and 52-week low of $2.13. The stock added 12.50% on its value in the past month.

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Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews.

The overview shows that SGMT’s price is at present -18.37% off the SMA20 and 14.94% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 48.85, with weekly volatility standing at 24.58%. The indicator jumps to 22.52% when calculated based on the past 30 days. Sagimet Biosciences Inc (NASDAQ:SGMT)’s beta value is holding at 0, while the average true range (ATR) indicator is currently reading 1.84.

An analysis of the Sagimet Biosciences Inc (NASDAQ:SGMT) stock in terms of its daily trading volume indicates that the 3-month average is 2.00. However, this figure increases on the past 10-day timeline to an average of 2.04 million.

Current records show that the company has 21.38M in outstanding shares. The insiders’ percentage holdings are 44.02% of outstanding shares while the percentage share held by institutions stands at 60.05%. The stats also highlight that short interest as of Jan 31, 2024, stood at 1.08 million shares, which puts the short ratio at the time at 0.42. From this we can glean that short interest is 3.38% of company’s current outstanding shares. Notably, we see that shares short in January rose slightly given the previous month’s figure stood at 0.62 million. But the 47.79% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.