TD Cowen Upgrades SiBone (NASDAQ:SIBN) to “Strong-Buy”

SiBone (NASDAQ:SIBN) was upgraded by equities research analysts at TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. Needham & Company LLC upped their price objective on shares of SiBone from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiBone in a research note on Monday, December 29th. Morgan Stanley increased their price objective on SiBone from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Canaccord Genuity Group raised their price objective on SiBone from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Finally, Truist Financial upped their target price on SiBone from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.33.

SiBone Stock Performance

Shares of SIBN stock opened at $16.74 on Tuesday. SiBone has a fifty-two week low of $12.49 and a fifty-two week high of $21.89. The stock’s 50-day moving average is $19.04 and its two-hundred day moving average is $17.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 7.97 and a quick ratio of 6.62. The firm has a market cap of $726.35 million, a P/E ratio of -32.82 and a beta of 0.69.

SiBone (NASDAQ:SIBN) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.05. The business had revenue of $48.66 million during the quarter, compared to analysts’ expectations of $46.67 million. SiBone had a negative return on equity of 12.86% and a negative net margin of 11.24%. Analysts predict that SiBone will post -0.78 earnings per share for the current fiscal year.

Insider Activity at SiBone

In related news, Director Jeffrey W. Dunn sold 80,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $18.95, for a total transaction of $1,516,000.00. Following the transaction, the director owned 10,307 shares of the company’s stock, valued at approximately $195,317.65. The trade was a 88.59% 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, CEO Laura Francis sold 11,341 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $17.43, for a total transaction of $197,673.63. Following the transaction, the chief executive officer owned 408,363 shares of the company’s stock, valued at approximately $7,117,767.09. The trade was a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 207,886 shares of company stock valued at $3,996,367. 3.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in SiBone by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,426 shares of the company’s stock worth $343,000 after buying an additional 1,053 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of SiBone during the first quarter valued at approximately $225,000. Goldman Sachs Group Inc. increased its position in shares of SiBone by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 379,757 shares of the company’s stock valued at $5,328,000 after purchasing an additional 83,919 shares during the period. Jane Street Group LLC acquired a new position in shares of SiBone in the first quarter valued at $1,818,000. Finally, HighMark Wealth Management LLC lifted its position in SiBone by 29.5% in the second quarter. HighMark Wealth Management LLC now owns 24,600 shares of the company’s stock worth $463,000 after purchasing an additional 5,600 shares during the period. Institutional investors own 98.11% of the company’s stock.

About SiBone

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.