SiBone (NASDAQ:SIBN) Rating Increased to Strong-Buy at UBS Group

Key Points

• UBS Group upgraded SiBone to “strong buy,” while analysts overall maintain a “Moderate Buy” consensus rating and an average price target of $23.57.
• SiBone shares rose 5.2% and opened at $17.93, remaining below the 12-month high of $21.89. The company’s latest quarterly results beat expectations, reporting an adjusted loss of $0.10 per share versus the $0.17 consensus and revenue of $52.59 million.
• Institutional investors own 98.11% of SiBone, with firms including Goldman Sachs increasing their stakes. Insiders sold shares recently, primarily to cover tax obligations related to equity awards.

SiBone (NASDAQ:SIBN - Get Free Report) was upgraded by analysts at UBS Group to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms also recently issued reports on SIBN. Weiss Ratings raised shares of SiBone from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 21st. Truist Financial lifted their price objective on SiBone from $18.00 to $21.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. TD Cowen reduced their target price on SiBone from $22.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, May 12th. Finally, Wall Street Zen lowered SiBone from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, SiBone has an average rating of "Moderate Buy" and an average target price of $23.57.

SiBone Stock Up 5.2%

Shares of SiBone stock opened at $17.93 on Tuesday. The company has a current ratio of 9.99, a quick ratio of 8.34 and a debt-to-equity ratio of 0.20. SiBone has a 12-month low of $11.48 and a 12-month high of $21.89. The company has a market cap of $795.20 million, a P/E ratio of -45.97 and a beta of 0.67. The company's fifty day simple moving average is $16.03 and its two-hundred day simple moving average is $15.16.

SiBone (NASDAQ:SIBN - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.07. The firm had revenue of $52.59 million during the quarter, compared to analysts' expectations of $51.16 million. SiBone had a negative net margin of 8.10% and a negative return on equity of 9.56%. Research analysts anticipate that SiBone will post -0.44 EPS for the current year.

Insider Buying and Selling at SiBone

In related news, SVP Michael A. Pisetsky sold 3,726 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $14.63, for a total value of $54,511.38. Following the sale, the senior vice president owned 280,509 shares in the company, valued at $4,103,846.67. This represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Laura Francis sold 14,957 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $14.71, for a total value of $220,017.47. Following the transaction, the chief executive officer directly owned 503,444 shares of the company's stock, valued at approximately $7,405,661.24. This trade represents a 2.89% 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. In the last ninety days, insiders have sold 36,326 shares of company stock valued at $545,661. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SiBone

Hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of SiBone by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,426 shares of the company's stock valued at $343,000 after acquiring an additional 1,053 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of SiBone in the 1st quarter worth about $225,000. Goldman Sachs Group Inc. boosted its stake in SiBone by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 379,757 shares of the company's stock worth $5,328,000 after purchasing an additional 83,919 shares in the last quarter. Jane Street Group LLC bought a new position in SiBone in the 1st quarter worth about $1,818,000. Finally, Legal & General Group Plc grew its position in SiBone by 16.1% during the 2nd quarter. Legal & General Group Plc now owns 42,403 shares of the company's stock valued at $798,000 after purchasing an additional 5,888 shares during the last quarter. 98.11% of the stock is owned by institutional investors.

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.

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