SiBone (NASDAQ:SIBN) Stock Price Down 4.8% on Analyst Downgrade

Key Points

• SiBone shares fell about 4.8% mid-day to roughly $13.80 after Truist cut its price target from $24 to $20 while retaining a buy rating; volume was ~103,273 shares, down about 83% from the average.
• Analysts maintain a consensus of "Moderate Buy" (six buy, one sell) with an average price target of $24, though individual targets range from $20 to $27.
• Insiders sold 167,697 shares in the last 90 days (insider ownership ~4%), even as institutional ownership is very high (~98.11%) and several large funds notably increased positions, including First Light (+162.4%).

SiBone (NASDAQ:SIBN - Get Free Report) shares were down 4.8% during mid-day trading on Thursday after Truist Financial lowered their price target on the stock from $24.00 to $20.00. Truist Financial currently has a buy rating on the stock. SiBone traded as low as $13.84 and last traded at $13.80. Approximately 103,273 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 612,873 shares. The stock had previously closed at $14.49.

A number of other brokerages have also weighed in on SIBN. TD Cowen lifted their price target on shares of SiBone from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, February 24th. Needham & Company LLC raised their price objective on shares of SiBone from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, December 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiBone in a research note on Monday, December 29th. Canaccord Genuity Group increased their target price on SiBone from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Wednesday, December 17th. Finally, Wall Street Zen raised SiBone from a "hold" rating to a "buy" rating in a research note on Saturday, March 28th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, SiBone has a consensus rating of "Moderate Buy" and an average price target of $24.00.

Insiders Place Their Bets

In other SiBone news, Director Mika Nishimura sold 4,100 shares of SiBone stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $13.83, for a total value of $56,703.00. Following the sale, the director directly owned 32,716 shares in the company, valued at approximately $452,462.28. The trade was a 11.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anthony J. Recupero sold 21,049 shares of the business's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $15.40, for a total transaction of $324,154.60. Following the sale, the insider directly owned 243,418 shares in the company, valued at $3,748,637.20. This trade represents a 7.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 167,697 shares of company stock valued at $2,551,086 over the last 90 days. 4.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. First Light Asset Management LLC increased its position in shares of SiBone by 162.4% during the 4th 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. American Century Companies Inc. increased its holdings in SiBone by 22.5% during the third quarter. American Century Companies Inc. now owns 2,838,107 shares of the company's stock worth $41,777,000 after buying an additional 521,683 shares during the last quarter. Vanguard Group Inc. increased its holdings in SiBone by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,501,555 shares of the company's stock worth $49,331,000 after buying an additional 11,566 shares during the last quarter. Nuveen LLC raised its position in SiBone by 5.1% during the fourth quarter. Nuveen LLC now owns 1,421,946 shares of the company's stock worth $28,041,000 after acquiring an additional 69,229 shares in the last quarter. Finally, Impax Asset Management Group plc raised its position in SiBone by 17.1% during the fourth quarter. Impax Asset Management Group plc now owns 1,200,010 shares of the company's stock worth $23,664,000 after acquiring an additional 175,000 shares in the last quarter. 98.11% of the stock is owned by institutional investors and hedge funds.

SiBone Trading Down 4.6%

The business's 50 day simple moving average is $14.16 and its 200 day simple moving average is $16.34. The stock has a market cap of $610.87 million, a price-to-earnings ratio of -31.43 and a beta of 0.77. 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 earnings results on Monday, February 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.09. The company had revenue of $56.35 million for the quarter, compared to analysts' expectations of $56.26 million. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. On average, research analysts expect that SiBone will post -0.78 EPS for the current fiscal year.

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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