Sionna Therapeutics (NASDAQ:SION) Earns Buy Rating from Analysts at Jones Trading

Key Points

• Jones Trading has initiated coverage on Sionna Therapeutics, setting a "buy" rating and a price target of $46.00, suggesting a potential upside of 102.55% from the previous close.
• Sionna Therapeutics stock has experienced a 5.4% decline, trading at $22.71, despite reporting better-than-expected quarterly earnings.
• Recent insider transactions include significant purchases and sales, with CEO Michael Cloonan selling 7,426 shares at an average price of $25.01.

Stock analysts at Jones Trading initiated coverage on shares of Sionna Therapeutics (NASDAQ:SION - Get Free Report) in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage set a "buy" rating and a $46.00 price target on the stock. Jones Trading's price objective would suggest a potential upside of 102.55% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Sionna Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Raymond James Financial started coverage on shares of Sionna Therapeutics in a report on Tuesday, September 2nd. They set a "strong-buy" rating and a $45.00 price objective on the stock. Finally, Royal Bank Of Canada started coverage on Sionna Therapeutics in a research report on Wednesday, September 3rd. They set a "sector perform" rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Sionna Therapeutics presently has a consensus rating of "Buy" and an average target price of $38.00.

Sionna Therapeutics Stock Down 5.4%

Shares of Sionna Therapeutics stock traded down $1.29 during trading hours on Monday, hitting $22.71. 184,576 shares of the company's stock traded hands, compared to its average volume of 194,754. Sionna Therapeutics has a twelve month low of $7.26 and a twelve month high of $26.50. The stock has a 50 day simple moving average of $20.60 and a 200-day simple moving average of $15.96.

Sionna Therapeutics (NASDAQ:SION - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.41) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.27.

Insider Buying and Selling

In related news, major shareholder Tpg Gp A, Llc acquired 60,000 shares of the stock in a transaction on Friday, June 27th. The shares were bought at an average price of $15.84 per share, with a total value of $950,400.00. Following the completion of the purchase, the insider owned 6,744,962 shares of the company's stock, valued at approximately $106,840,198.08. This represents a 0.90% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cloonan sold 7,426 shares of the business's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $25.01, for a total value of $185,724.26. Following the transaction, the chief executive officer directly owned 547,343 shares of the company's stock, valued at $13,689,048.43. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,000 shares of company stock valued at $1,466,671. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sionna Therapeutics

A number of institutional investors have recently bought and sold shares of SION. Soleus Capital Management L.P. lifted its position in Sionna Therapeutics by 56.7% during the 2nd quarter. Soleus Capital Management L.P. now owns 376,000 shares of the company's stock worth $6,524,000 after acquiring an additional 136,000 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Sionna Therapeutics during the 2nd quarter valued at $31,000. Braidwell LP bought a new stake in Sionna Therapeutics during the second quarter worth about $18,770,000. Ameriprise Financial Inc. increased its holdings in Sionna Therapeutics by 13.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 236,813 shares of the company's stock worth $4,109,000 after purchasing an additional 27,547 shares in the last quarter. Finally, Viking Global Investors LP increased its position in shares of Sionna Therapeutics by 8.2% during the second quarter. Viking Global Investors LP now owns 3,195,181 shares of the company's stock worth $55,436,000 after buying an additional 242,427 shares during the period.

Sionna Therapeutics Company Profile

We are a clinical-stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients by developing novel medicines that normalize the function of the cystic fibrosis transmembrane conductance regulator (“CFTR”) protein to deliver clinically meaningful benefit to CF patients.

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