SiBone (NASDAQ:SIBN) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is moderately bullish: Eight firms covering SiBone assign the stock a consensus “Moderate Buy” rating, with seven buys and one sell. The average 12-month price target is $24.29, above the reported $18.61 share price.
• Recent quarterly results exceeded expectations: SiBone reported a loss of $0.09 per share versus the consensus loss estimate of $0.15, while revenue reached $56.01 million compared with expectations of $55.34 million.
• Shares have gained 2.6%, while institutional ownership remains high: Institutional investors own 98.11% of SiBone, and several investment firms increased their positions. Insiders sold shares during the quarter primarily to cover tax obligations related to vested equity awards.

Shares of SiBone (NASDAQ:SIBN - Get Free Report) have been given an average rating of "Moderate Buy" by the eight research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $24.2857.

Several brokerages have recently issued reports on SIBN. UBS Group increased their price objective on shares of SiBone from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday. Truist Financial restated a "buy" rating and set a $23.00 target price (up from $21.00) on shares of SiBone in a report on Tuesday, August 4th. Wall Street Zen downgraded SiBone from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Weiss Ratings downgraded SiBone from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday. Finally, TD Cowen upped their target price on shares of SiBone from $18.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday.

SiBone Stock Up 2.6%

SiBone stock opened at $18.61 on Friday. SiBone has a fifty-two week low of $11.48 and a fifty-two week high of $21.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 9.15 and a quick ratio of 8.34. The firm has a market capitalization of $825.33 million, a price-to-earnings ratio of -54.74 and a beta of 0.66. The company's 50 day simple moving average is $16.62 and its 200 day simple moving average is $15.17.

SiBone (NASDAQ:SIBN - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.06. SiBone had a negative net margin of 6.85% and a negative return on equity of 8.23%. The business had revenue of $56.01 million during the quarter, compared to analysts' expectations of $55.34 million. As a group, sell-side analysts anticipate that SiBone will post -0.4 EPS for the current year.

Insider Transactions at SiBone

In related news, CFO Anshul Maheshwari sold 3,317 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $16.77, for a total value of $55,626.09. Following the transaction, the chief financial officer directly owned 256,560 shares in the company, valued at approximately $4,302,511.20. This represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Michael A. Pisetsky sold 3,726 shares of the firm's stock in a transaction 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 transaction, the senior vice president owned 280,509 shares in the company, valued at approximately $4,103,846.67. This trade represents a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 55,989 shares of company stock worth $910,429. 4.00% of the stock is currently owned by company insiders.

Institutional Trading of SiBone

A number of institutional investors and hedge funds have recently made changes to their positions in the company. First Light Asset Management LLC boosted its stake in SiBone by 162.4% in the fourth quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company's stock valued at $99,249,000 after buying an additional 3,115,001 shares in the last quarter. Granahan Investment Management LLC raised its stake in SiBone by 97.6% during the first quarter. Granahan Investment Management LLC now owns 1,739,097 shares of the company's stock worth $21,965,000 after acquiring an additional 858,942 shares in the last quarter. Paradigm Capital Management Inc. NY raised its stake in SiBone by 113.3% during the first quarter. Paradigm Capital Management Inc. NY now owns 1,126,500 shares of the company's stock worth $14,228,000 after acquiring an additional 598,300 shares in the last quarter. Cadian Capital Management LP lifted its holdings in shares of SiBone by 96.8% in the fourth quarter. Cadian Capital Management LP now owns 1,171,100 shares of the company's stock worth $23,094,000 after acquiring an additional 576,100 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of SiBone by 74.7% in the 3rd quarter. Wellington Management Group LLP now owns 853,266 shares of the company's stock valued at $12,560,000 after purchasing an additional 364,897 shares in the last quarter. 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.

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