Sionna Therapeutics (NASDAQ:SION) Shares Down 14.4% Following Insider Selling

Key Points

• Sionna Therapeutics shares dropped 14.4% to $36.36 following significant insider selling by Director Bruce Booth, who sold nearly 88,878 shares at an average price of $34.22.
• In total, Booth sold over 300,000 shares in recent transactions, representing a substantial decrease in his ownership stake in the company.
• Despite the recent insider selling, Sionna Therapeutics has received a consensus rating of "Moderate Buy" from analysts, with an average price target of $38.00.

Shares of Sionna Therapeutics, Inc. (NASDAQ:SION - Get Free Report) fell 14.4% on Wednesday following insider selling activity. The company traded as low as $36.07 and last traded at $36.36. 313,960 shares traded hands during trading, an increase of 41% from the average session volume of 222,166 shares. The stock had previously closed at $42.50.

Specifically, Director Bruce Booth sold 88,878 shares of the firm's stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $34.22, for a total value of $3,041,405.16. Following the sale, the director directly owned 686,567 shares of the company's stock, valued at $23,494,322.74. This trade represents a 11.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Bruce Booth sold 169,260 shares of the firm's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $32.35, for a total value of $5,475,561.00. Following the completion of the sale, the director directly owned 722,301 shares in the company, valued at $23,366,437.35. This trade represents a 18.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Bruce Booth sold 55,985 shares of the firm's stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $32.09, for a total value of $1,796,558.65. Following the sale, the director directly owned 701,985 shares of the company's stock, valued at $22,526,698.65. This trade represents a 7.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Analyst Ratings Changes

SION has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Sionna Therapeutics in a research note on Wednesday, October 8th. Royal Bank Of Canada started coverage on Sionna Therapeutics in a research note on Wednesday, September 3rd. They issued a "sector perform" rating and a $22.00 price objective on the stock. Wall Street Zen raised Sionna Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Raymond James Financial initiated coverage on shares of Sionna Therapeutics in a research report on Tuesday, September 2nd. They set a "strong-buy" rating and a $45.00 target price on the stock. Finally, Jones Trading initiated coverage on shares of Sionna Therapeutics in a research report on Monday, September 8th. They set a "buy" rating and a $46.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $38.00.

Sionna Therapeutics Price Performance

The business has a 50-day moving average of $26.19 and a 200 day moving average of $18.93.

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

Institutional Trading of Sionna Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Soleus Capital Management L.P. raised its holdings in shares of Sionna Therapeutics by 56.7% in the 2nd quarter. Soleus Capital Management L.P. now owns 376,000 shares of the company's stock valued at $6,524,000 after acquiring an additional 136,000 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Sionna Therapeutics in the 2nd quarter worth approximately $31,000. Braidwell LP purchased a new position in Sionna Therapeutics in the 2nd quarter worth approximately $18,770,000. Ameriprise Financial Inc. increased its stake 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 during the period. Finally, Viking Global Investors LP grew its position in shares of Sionna Therapeutics by 8.2% in the 2nd 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 last quarter.

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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