SiBone (NASDAQ:SIBN) Trading Down 4.8% Following Analyst Downgrade

SiBone (NASDAQ:SIBN) fell 4.8% during trading on Thursday after Truist Financial lowered their price target on the stock from $24.00 to $20.00. Truist Financial currently has a buy rating on the stock. SiBone traded as low as $13.84 and last traded at $13.80. 103,273 shares changed hands during trading, a decline of 83% from the average session volume of 612,873 shares. The stock had previously closed at $14.49.

A number of other analysts have also recently weighed in on SIBN. TD Cowen raised their target price on shares of SiBone from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Needham & Company LLC increased their target price on shares of SiBone from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Wall Street Zen upgraded shares of SiBone from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Canaccord Genuity Group increased their target price on shares of SiBone from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiBone in a research note on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Insider Transactions at SiBone

In related news, CEO Laura Francis sold 93,475 shares of SiBone stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $15.32, for a total value of $1,432,037.00. Following the transaction, the chief executive officer owned 544,369 shares in the company, valued at $8,339,733.08. This trade represents a 14.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mika Nishimura sold 4,100 shares of SiBone stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $13.83, for a total transaction of $56,703.00. Following the completion of the transaction, the director owned 32,716 shares in the company, valued at $452,462.28. This trade represents a 11.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 167,697 shares of company stock worth $2,551,086. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Eagle Investment Management LLC increased its holdings in shares of SiBone by 36.6% during the 3rd quarter. First Eagle Investment Management LLC now owns 484,261 shares of the company’s stock worth $7,128,000 after purchasing an additional 129,723 shares during the period. Impax Asset Management Group plc increased its holdings in shares of SiBone by 48.2% during the 3rd quarter. Impax Asset Management Group plc now owns 1,025,010 shares of the company’s stock worth $15,088,000 after purchasing an additional 333,249 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of SiBone during the 3rd quarter worth about $3,297,000. Y Intercept Hong Kong Ltd increased its holdings in shares of SiBone by 337.7% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,369 shares of the company’s stock worth $1,227,000 after purchasing an additional 64,322 shares during the period. Finally, First Light Asset Management LLC increased its holdings in shares of SiBone by 9.5% during the 3rd quarter. First Light Asset Management LLC now owns 1,917,903 shares of the company’s stock worth $28,232,000 after purchasing an additional 166,902 shares during the period. Institutional investors own 98.11% of the company’s stock.

SiBone Stock Performance

The firm’s fifty day moving average price is $14.12 and its 200-day moving average price is $16.32. The company has a current ratio of 8.55, a quick ratio of 7.21 and a debt-to-equity ratio of 0.20. The company has a market cap of $603.80 million, a P/E ratio of -31.07 and a beta of 0.77.

SiBone (NASDAQ:SIBN) last posted its quarterly earnings data on Monday, February 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. The company had revenue of $56.35 million for the quarter, compared to the consensus estimate of $56.26 million. As a group, research analysts forecast that SiBone will post -0.78 EPS for the current fiscal year.

SiBone Company Profile

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.