SiBone (NASDAQ:SIBN) Shares Gap Up - Still a Buy?

Key Points

• SiBone shares rose 4.8%, opening at $17.72 versus a prior close of $17.05 and last trading near $17.74.
• Analyst sentiment remains favorable, with seven Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and a $23.57 target price. UBS initiated coverage with a Buy rating and a $24 target.
• SiBone’s latest quarterly results exceeded expectations, reporting an adjusted loss of $0.10 per share versus the $0.17 forecast and revenue of $52.59 million. However, the company remains unprofitable, while institutional investors own 98.11% of its shares and insiders have recently sold stock.

SiBone (NASDAQ:SIBN - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $17.05, but opened at $17.72. SiBone shares last traded at $17.7410, with a volume of 252,650 shares.

Wall Street Analyst Weigh In

SIBN has been the subject of a number of recent research reports. UBS Group initiated coverage on shares of SiBone in a research note on Tuesday. They issued a "buy" rating and a $24.00 price objective for the company. Wall Street Zen lowered SiBone from a "buy" rating to a "hold" rating in a report on Saturday, April 18th. Truist Financial lifted their price target 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 decreased their price objective on SiBone from $22.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings raised SiBone from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.57.

SiBone Trading Up 4.8%

The firm's 50 day moving average is $15.97 and its 200 day moving average is $15.18. The company has a debt-to-equity ratio of 0.20, a current ratio of 9.99 and a quick ratio of 8.34. The company has a market cap of $792.07 million, a PE ratio of -45.95 and a beta of 0.67.

SiBone (NASDAQ:SIBN - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.07. The business had revenue of $52.59 million for 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%. On average, equities analysts anticipate that SiBone will post -0.44 earnings per share for the current year.

Insider Buying and Selling

In other SiBone news, SVP Michael A. Pisetsky sold 3,134 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $16.71, for a total value of $52,369.14. Following the transaction, the senior vice president directly owned 277,375 shares in the company, valued at $4,634,936.25. This represents a 1.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Timothy E. Davis, Jr. sold 3,500 shares of the company's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $14.14, for a total value of $49,490.00. Following the completion of the transaction, the director owned 65,722 shares in the company, valued at $929,309.08. This represents a 5.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 36,326 shares of company stock valued at $545,661 in the last ninety days. 4.00% of the stock is owned by insiders.

Institutional Trading of SiBone

Large investors have recently modified their holdings of the business. First Light Asset Management LLC increased its position in shares of SiBone by 162.4% in the fourth quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company's stock worth $99,249,000 after purchasing an additional 3,115,001 shares during the last quarter. Granahan Investment Management LLC grew its stake in SiBone by 97.6% in the 1st quarter. Granahan Investment Management LLC now owns 1,739,097 shares of the company's stock worth $21,965,000 after buying an additional 858,942 shares in the last quarter. Paradigm Capital Management Inc. NY grew its stake in SiBone by 113.3% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,126,500 shares of the company's stock worth $14,228,000 after buying an additional 598,300 shares in the last quarter. Cadian Capital Management LP increased its holdings in shares of SiBone by 96.8% in the 4th quarter. Cadian Capital Management LP now owns 1,171,100 shares of the company's stock worth $23,094,000 after buying an additional 576,100 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings 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 worth $12,560,000 after buying an additional 364,897 shares during the last quarter. Institutional investors own 98.11% of the company's stock.

SiBone Company Profile

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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