Sionna Therapeutics (NASDAQ:SION) Shares Down 3.5% Following Insider Selling

Sionna Therapeutics, Inc. (NASDAQ:SION)’s share price fell 3.5% on Wednesday following insider selling activity. The company traded as low as $27.60 and last traded at $27.60. 133,511 shares traded hands during trading, a decline of 35% from the average session volume of 206,845 shares. The stock had previously closed at $28.61.

Specifically, Director Bruce Booth sold 11,800 shares of Sionna Therapeutics stock in a transaction on Monday, October 6th. The shares were sold at an average price of $29.95, for a total value of $353,410.00. Following the transaction, the director owned 785,480 shares in the company, valued at $23,525,126. This trade represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce Booth sold 37,746 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $30.00, for a total transaction of $1,132,380.00. Following the completion of the sale, the director owned 787,527 shares in the company, valued at $23,625,810. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SION has been the topic of several research analyst reports. Royal Bank Of Canada initiated coverage on shares of Sionna Therapeutics in a research report on Wednesday, September 3rd. They issued a “sector perform” rating and a $22.00 price target on the stock. Wall Street Zen upgraded shares of Sionna Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Raymond James Financial initiated coverage on shares of Sionna Therapeutics in a research report on Tuesday, September 2nd. They set a “strong-buy” rating and a $45.00 target price on the stock. Jones Trading initiated coverage on shares of Sionna Therapeutics in a research report on Monday, September 8th. They set a “buy” rating and a $46.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Sionna Therapeutics in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Sionna Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.00.

Sionna Therapeutics Price Performance

The stock’s 50-day simple moving average is $23.67 and its 200 day simple moving average is $17.60.

Sionna Therapeutics (NASDAQ:SION) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.27.

Institutional Investors Weigh In On Sionna Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new stake in shares of Sionna Therapeutics during the second quarter worth approximately $31,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Sionna Therapeutics during the second quarter worth approximately $45,000. The Manufacturers Life Insurance Company raised its stake in shares of Sionna Therapeutics by 13.4% during the second quarter. The Manufacturers Life Insurance Company now owns 38,038 shares of the company’s stock worth $660,000 after buying an additional 4,489 shares during the last quarter. Virtus Investment Advisers LLC bought a new stake in shares of Sionna Therapeutics during the second quarter worth approximately $96,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Sionna Therapeutics during the second quarter worth approximately $117,000.

Sionna Therapeutics Company Profile

We are a clinical-stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients by developing novel medicines that normalize the function of the cystic fibrosis transmembrane conductance regulator (“CFTR”) protein to deliver clinically meaningful benefit to CF patients.