SiBone (NASDAQ:SIBN) Trading Down 6.5% – Here’s Why

SiBone (NASDAQ:SIBN) fell 6.5% on Tuesday . The company traded as low as $16.63 and last traded at $16.6840. Approximately 81,501 shares traded hands during trading, a decline of 87% from the average session volume of 639,239 shares. The stock had previously closed at $17.85.

Analyst Ratings Changes

A number of analysts have issued reports on SIBN shares. Wall Street Zen downgraded SiBone from a “buy” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of SiBone in a report on Thursday, July 2nd. TD Cowen reduced their target price on shares of SiBone from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Finally, Truist Financial reissued a “buy” rating and issued a $18.00 price target (down from $20.00) on shares of SiBone in a research note on Tuesday, May 12th. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

SiBone Price Performance

The company has a quick ratio of 8.34, a current ratio of 9.99 and a debt-to-equity ratio of 0.20. The company has a market cap of $765.04 million, a price-to-earnings ratio of -44.23 and a beta of 0.67. The stock’s 50-day simple moving average is $15.42 and its 200 day simple moving average is $15.35.

SiBone (NASDAQ:SIBN) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.07. The firm had revenue of $52.59 million for the quarter, compared to the consensus estimate of $51.16 million. SiBone had a negative return on equity of 9.56% and a negative net margin of 8.10%. On average, equities research analysts anticipate that SiBone will post -0.44 EPS for the current fiscal year.

Insider Activity at SiBone

In other SiBone news, CFO Anshul Maheshwari sold 3,317 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $16.77, for a total value of $55,626.09. Following the completion of the sale, the chief financial officer owned 256,560 shares in the company, valued at approximately $4,302,511.20. The trade was a 1.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Michael A. Pisetsky sold 3,134 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $16.71, for a total transaction of $52,369.14. Following the sale, the senior vice president owned 277,375 shares of the company’s stock, valued at approximately $4,634,936.25. This represents a 1.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 36,326 shares of company stock valued at $545,661 in the last quarter. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On SiBone

Large investors have recently bought and sold shares of the company. First Light Asset Management LLC raised its holdings in SiBone by 6.4% during the first quarter. First Light Asset Management LLC now owns 5,353,190 shares of the company’s stock worth $67,611,000 after purchasing an additional 320,286 shares during the last quarter. Vanguard Group Inc. grew its holdings in SiBone by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,501,555 shares of the company’s stock valued at $49,331,000 after purchasing an additional 11,566 shares during the last quarter. Granahan Investment Management LLC grew its holdings in SiBone by 97.6% in the first quarter. Granahan Investment Management LLC now owns 1,739,097 shares of the company’s stock valued at $21,965,000 after purchasing an additional 858,942 shares during the last quarter. Nuveen LLC increased its position in shares of SiBone by 5.1% in the fourth quarter. Nuveen LLC now owns 1,421,946 shares of the company’s stock valued at $28,041,000 after buying an additional 69,229 shares in the last quarter. Finally, Impax Asset Management Group plc increased its position in shares of SiBone by 17.1% in the fourth quarter. Impax Asset Management Group plc now owns 1,200,010 shares of the company’s stock valued at $23,664,000 after buying an additional 175,000 shares in the last quarter. Hedge funds and other 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.