SiBone (NASDAQ:SIBN) Shares Down 6.8% - Here's Why

Key Points

• SiBone fell 6.8% on Friday to $12.765 (intraday low $12.82) on volume of 417,589 shares, about 31% below its average session volume.
• Wall Street consensus is a Moderate Buy (six Buy vs. one Sell) with a mean price target of $24.67 and several brokers raising targets into the mid-$20s.
• Notable insider selling occurred recently: CEO Laura Francis sold 93,475 shares on Feb. 17 and insiders sold 167,697 shares over the last quarter, though insiders still own about 4% of the company.

SiBone (NASDAQ:SIBN - Get Free Report) fell 6.8% on Friday . The stock traded as low as $12.82 and last traded at $12.7650. 417,589 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 607,897 shares. The stock had previously closed at $13.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SIBN. Wall Street Zen upgraded SiBone from a "hold" rating to a "buy" rating in a report on Saturday, March 28th. TD Cowen lifted their price target on SiBone from $21.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Canaccord Genuity Group upped their price objective on SiBone from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Wednesday, December 17th. Weiss Ratings restated a "sell (d-)" rating on shares of SiBone in a research note on Monday, December 29th. Finally, Needham & Company LLC upped their price objective on SiBone from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, December 16th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.67.

SiBone Trading Down 6.2%

The company has a market cap of $567.14 million, a P/E ratio of -29.18 and a beta of 0.77. The business has a fifty day moving average price of $14.35 and a 200-day moving average price of $16.33. The company has a quick ratio of 7.21, a current ratio of 8.55 and a debt-to-equity ratio of 0.20.

SiBone (NASDAQ:SIBN - Get Free Report) last issued its quarterly earnings data on Monday, February 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.09. SiBone had a negative return on equity of 11.01% and a negative net margin of 9.41%.The company had revenue of $56.35 million during the quarter, compared to analysts' expectations of $56.26 million. On average, analysts forecast that SiBone will post -0.78 earnings per share for the current year.

Insider Activity at SiBone

In other news, CEO Laura Francis sold 93,475 shares of SiBone stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 544,369 shares in the company, valued at approximately $8,339,733.08. The trade was a 14.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anshul Maheshwari sold 3,318 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $12.87, for a total value of $42,702.66. Following the sale, the chief financial officer directly owned 263,148 shares in the company, valued at $3,386,714.76. This represents a 1.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 167,697 shares of company stock valued at $2,551,086. Insiders own 4.00% of the company's stock.

Institutional Investors Weigh In On SiBone

A number of large investors have recently added to or reduced their stakes in the stock. ANTIPODES PARTNERS Ltd acquired a new position in SiBone during the fourth quarter valued at approximately $29,000. Royal Bank of Canada grew its position in SiBone by 98.5% during the 4th quarter. Royal Bank of Canada now owns 1,483 shares of the company's stock worth $29,000 after acquiring an additional 736 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in SiBone by 64,700.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,944 shares of the company's stock worth $38,000 after acquiring an additional 1,941 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in SiBone in the 3rd quarter worth about $39,000. Finally, Kemnay Advisory Services Inc. acquired a new position in SiBone in the 4th quarter worth about $53,000. Institutional investors and hedge funds 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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