Sionna Therapeutics (NASDAQ:SION) Stock Falls 1% - Here's What Happened

Key Points

• Sionna Therapeutics shares fell 1% to about $4.00, with trading volume down 46% from its average.
• Analysts broadly downgraded the stock to Hold or Neutral ratings; the consensus rating is Hold, despite a $42.33 average price target.
• The company missed quarterly earnings estimates, reporting a loss of $0.66 per share versus expectations of $0.64, while a director sold 3.45 million shares worth approximately $21.8 million.

Sionna Therapeutics, Inc. (NASDAQ:SION - Get Free Report)'s share price dropped 1% during trading on Thursday. The company traded as low as $3.97 and last traded at $4.00. 574,984 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 1,064,678 shares. The stock had previously closed at $4.04.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Stifel Nicolaus cut Sionna Therapeutics from a "buy" rating to a "hold" rating and set a $7.00 price objective on the stock. in a report on Monday, August 10th. BTIG Research cut Sionna Therapeutics from a "buy" rating to a "neutral" rating in a research report on Monday, August 10th. Lifesci Capital downgraded shares of Sionna Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. Citizens Jmp lowered shares of Sionna Therapeutics from an "outperform" rating to a "market perform" rating in a research report on Monday, August 10th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sionna Therapeutics in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sionna Therapeutics currently has a consensus rating of "Hold" and a consensus target price of $42.33.

Sionna Therapeutics Stock Down 1.0%

The company's 50-day moving average is $5.48 and its two-hundred day moving average is $30.26. The company has a market capitalization of $180.84 million, a P/E ratio of -1.83 and a beta of 1.00.

Sionna Therapeutics (NASDAQ:SION - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.02). On average, sell-side analysts predict that Sionna Therapeutics, Inc. will post -2.54 EPS for the current year.

Insider Activity at Sionna Therapeutics

In other news, Director Ra Capital Management, L.P. sold 3,448,811 shares of the stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $6.33, for a total transaction of $21,830,973.63. Following the transaction, the director directly owned 3,448,812 shares in the company, valued at approximately $21,830,979.96. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.10% of the company's stock.

Hedge Funds Weigh In On Sionna Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Sionna Therapeutics during the second quarter valued at about $64,875,000. Jennison Associates LLC lifted its stake in shares of Sionna Therapeutics by 30.1% in the 1st quarter. Jennison Associates LLC now owns 1,451,220 shares of the company's stock valued at $58,179,000 after acquiring an additional 335,942 shares during the last quarter. Candriam S.C.A. bought a new stake in shares of Sionna Therapeutics in the 1st quarter valued at about $9,494,000. Artia Global Partners LP purchased a new stake in Sionna Therapeutics during the 2nd quarter valued at about $5,267,000. Finally, Walleye Capital LLC purchased a new stake in Sionna Therapeutics during the 2nd quarter valued at about $4,282,000.

Sionna Therapeutics Company Profile

Sionna Therapeutics is a clinical-stage biopharmaceutical company focused on developing treatments for cystic fibrosis (CF), a genetic disorder that affects the lungs and other organs. The company is working to address the underlying cause of CF by developing small-molecule therapies designed to improve the function of the cystic fibrosis transmembrane conductance regulator (CFTR) protein.

Sionna's research centers on the nucleotide-binding domain 1 (NBD1) of CFTR, which plays an important role in the protein's structure and activity.

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