Sionna Therapeutics (NASDAQ:SION) Shares Gap Up on Strong Earnings

Key Points

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• Sionna Therapeutics' stock gapped up to $18.61 after reporting an earnings per share (EPS) of ($0.41), beating the consensus estimate of ($0.68).
• Wall Street Zen downgraded Sionna Therapeutics from a "hold" rating to a "sell" rating on May 22nd.
• Major shareholder TPG GP A LLC acquired 60,000 shares for approximately $950,400, increasing their ownership stake in the company.

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Sionna Therapeutics, Inc. (NASDAQ:SION - Get Free Report) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.67, but opened at $18.61. Sionna Therapeutics shares last traded at $17.22, with a volume of 33,965 shares.

The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.27.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Sionna Therapeutics from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Insider Buying and Selling

In other Sionna Therapeutics news, major shareholder Tpg Gp A, Llc purchased 60,000 shares of Sionna Therapeutics stock in a transaction on Friday, June 27th. The shares were acquired at an average cost of $15.84 per share, for a total transaction of $950,400.00. Following the completion of the transaction, the insider directly owned 6,744,962 shares of the company's stock, valued at approximately $106,840,198.08. The trade was a 0.90% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 3.90% of the stock is owned by insiders.

Institutional Trading of Sionna Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in Sionna Therapeutics in the second quarter worth $45,000. Virtus Investment Advisers LLC purchased a new position in Sionna Therapeutics during the second quarter valued at $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Sionna Therapeutics during the second quarter valued at $117,000. New York State Common Retirement Fund purchased a new position in Sionna Therapeutics during the second quarter valued at $118,000. Finally, Bosun Asset Management LLC purchased a new position in Sionna Therapeutics during the second quarter valued at $295,000.

Sionna Therapeutics Price Performance

The business's 50-day simple moving average is $17.99.

About Sionna Therapeutics

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.