Sionna Therapeutics (NASDAQ:SION) Shares Down 14.4% After Insider Selling

Sionna Therapeutics, Inc. (NASDAQ:SION)’s stock price traded down 14.4% on Wednesday after an insider sold shares in the company. The company traded as low as $36.07 and last traded at $36.36. 313,960 shares traded hands during mid-day trading, an increase of 41% from the average session volume of 222,166 shares. The stock had previously closed at $42.50.

Specifically, CEO Michael Cloonan sold 99,800 shares of the business’s stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $36.26, for a total transaction of $3,618,748.00. Following the transaction, the chief executive officer owned 547,343 shares of the company’s stock, valued at approximately $19,846,657.18. The trade was a 15.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bruce Booth sold 88,878 shares of the business’s stock in a transaction on Tuesday, October 21st. The stock was sold at an average price of $34.22, for a total transaction of $3,041,405.16. Following the transaction, the director directly owned 686,567 shares in the company, valued at $23,494,322.74. This trade represents a 11.46% decrease in their position. The disclosure for this sale can be found here. In related news, Director Bruce Booth sold 169,260 shares of the business’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $32.35, for a total transaction of $5,475,561.00. Following the transaction, the director owned 722,301 shares of the company’s stock, valued at approximately $23,366,437.35. The trade was a 18.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Raymond James Financial assumed 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. Royal Bank Of Canada initiated coverage on shares of Sionna Therapeutics in a research report on Wednesday, September 3rd. They set a “sector perform” rating and a $22.00 target price on the stock. Jones Trading initiated coverage on shares of Sionna Therapeutics in a report on Monday, September 8th. They issued a “buy” rating and a $46.00 price target on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Sionna Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Sionna Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Sionna Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $38.00.

Sionna Therapeutics Stock Down 8.5%

The company’s fifty day simple moving average is $26.55 and its 200-day simple moving average is $19.06.

Sionna Therapeutics (NASDAQ:SION) last posted its earnings results on Monday, August 11th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.27.

Institutional Investors Weigh In On Sionna Therapeutics

Several large investors have recently made changes to their positions in the company. Soleus Capital Management L.P. grew its holdings in shares of Sionna Therapeutics by 56.7% in the 2nd quarter. Soleus Capital Management L.P. now owns 376,000 shares of the company’s stock worth $6,524,000 after purchasing an additional 136,000 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Sionna Therapeutics during the 2nd quarter worth about $31,000. Braidwell LP acquired a new position in Sionna Therapeutics during the 2nd quarter worth about $18,770,000. Ameriprise Financial Inc. lifted its position in Sionna Therapeutics by 13.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 236,813 shares of the company’s stock worth $4,109,000 after buying an additional 27,547 shares in the last quarter. Finally, Viking Global Investors LP lifted its position in Sionna Therapeutics by 8.2% during the 2nd quarter. Viking Global Investors LP now owns 3,195,181 shares of the company’s stock worth $55,436,000 after buying an additional 242,427 shares in the last quarter.

About Sionna Therapeutics

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.