SiBone's (SIBN) Buy Rating Reaffirmed at Truist Financial

Key Points

• Truist Financial reaffirmed its “buy” rating on SiBone and raised its price target from $21 to $23, implying roughly 25.5% upside from the prior close.
• Analyst sentiment remains favorable, with seven Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and an average target price of $24.29.
• SiBone beat quarterly expectations, reporting an adjusted loss of $0.09 per share versus the $0.15 consensus loss and revenue of $56.01 million versus the $55.34 million estimate; the stock closed down 0.7% at $18.33.

SiBone (NASDAQ:SIBN - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Truist Financial in a note issued to investors on Tuesday,Benzinga reports. They currently have a $23.00 price objective on the stock, up from their prior price objective of $21.00. Truist Financial's price objective indicates a potential upside of 25.48% from the company's previous close.

A number of other research analysts also recently commented on the company. Weiss Ratings upgraded SiBone from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 21st. UBS Group reissued a "buy" rating and issued a $25.00 price target on shares of SiBone in a research note on Tuesday. Wall Street Zen lowered shares of SiBone from a "buy" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, TD Cowen boosted their target price on shares of SiBone from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Tuesday. Seven equities research 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 stock has a consensus rating of "Moderate Buy" and an average target price of $24.29.

SiBone Stock Down 0.7%

SIBN traded down $0.12 on Tuesday, reaching $18.33. 499,179 shares of the company traded hands, compared to its average volume of 628,362. The company has a market cap of $812.94 million, a price-to-earnings ratio of -46.88 and a beta of 0.66. 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 stock's 50 day moving average price is $16.30 and its 200-day moving average price is $15.12. SiBone has a 52-week low of $11.48 and a 52-week high of $21.89.

SiBone (NASDAQ:SIBN - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.06. SiBone had a negative net margin of 8.10% and a negative return on equity of 9.56%. The company had revenue of $56.01 million during the quarter, compared to the consensus estimate of $55.34 million. On average, sell-side analysts expect that SiBone will post -0.44 EPS for the current fiscal year.

Insider Transactions at SiBone

In related news, CFO Anshul Maheshwari sold 3,317 shares of SiBone stock in a transaction on 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 owned 256,560 shares in the company, valued at $4,302,511.20. This trade represents a 1.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $14.71, for a total transaction of $220,017.47. Following the sale, the chief executive officer owned 503,444 shares of the company's stock, valued at $7,405,661.24. This trade represents a 2.89% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 35,989 shares of company stock worth $541,229. Corporate insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in SiBone by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,426 shares of the company's stock worth $343,000 after acquiring an additional 1,053 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of SiBone during the first quarter valued at about $225,000. Goldman Sachs Group Inc. lifted its stake in shares of SiBone by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 379,757 shares of the company's stock valued at $5,328,000 after buying an additional 83,919 shares during the period. Jane Street Group LLC bought a new position in SiBone during the first quarter valued at about $1,818,000. Finally, Legal & General Group Plc raised its holdings in SiBone by 16.1% in the 2nd quarter. Legal & General Group Plc now owns 42,403 shares of the company's stock valued at $798,000 after acquiring an additional 5,888 shares in the last quarter. 98.11% of the stock is currently owned by institutional investors and hedge funds.

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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