Sionna Therapeutics (NASDAQ:SION) Shares Gap Up - Here's Why

Key Points

• Sionna Therapeutics (NASDAQ:SION) shares gapped up from a previous close of $23.27 to $24.10 before trading at $23.72, with a total trading volume of 20,246 shares on Wednesday.
• Several analysts have issued ratings on SION, with Jones Trading giving a "buy" rating and a price target of $46.00, while the consensus target price across analysts is $38.00.
• Insider transactions reported indicate that CEO Michael Cloonan and CFO Elena Ridloff sold significant shares recently, reducing their holdings by 3.11% and 25.07% respectively.

Shares of Sionna Therapeutics, Inc. (NASDAQ:SION - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $23.27, but opened at $24.10. Sionna Therapeutics shares last traded at $23.72, with a volume of 20,246 shares trading hands.

Analysts Set New Price Targets

SION has been the topic of several analyst reports. Jones Trading began coverage on shares of Sionna Therapeutics in a report on Monday, September 8th. They issued a "buy" rating and a $46.00 price target on the stock. Wall Street Zen raised shares of Sionna Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Royal Bank Of Canada began coverage on shares of Sionna Therapeutics in a research note on Wednesday, September 3rd. They set a "sector perform" rating and a $22.00 target price on the stock. Finally, Raymond James Financial started coverage on shares of Sionna Therapeutics in a research note on Tuesday, September 2nd. They issued a "strong-buy" rating and a $45.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $38.00.

Sionna Therapeutics Stock Down 0.4%

The business's fifty day moving average price is $21.14 and its 200 day moving average price is $16.43.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.27.

Insider Buying and Selling at Sionna Therapeutics

In related news, CFO Elena Ridloff sold 8,836 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $25.08, for a total transaction of $221,606.88. Following the transaction, the chief financial officer owned 38,532 shares of the company's stock, valued at approximately $966,382.56. This represents a 18.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Cloonan sold 7,426 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $25.01, for a total transaction of $185,724.26. Following the transaction, the chief executive officer directly owned 547,343 shares in the company, valued at $13,689,048.43. The trade was a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,000 shares of company stock valued at $1,466,671 over the last quarter. Corporate insiders own 3.90% of the company's stock.

Institutional Investors Weigh In On Sionna Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new position in Sionna Therapeutics during the 2nd quarter worth $31,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Sionna Therapeutics in the 2nd quarter valued at about $45,000. Virtus Investment Advisers LLC bought a new stake in Sionna Therapeutics in the 2nd quarter valued at about $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Sionna Therapeutics in the 2nd quarter valued at about $117,000. Finally, New York State Common Retirement Fund bought a new stake in Sionna Therapeutics in the 2nd quarter valued at about $118,000.

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.