Sionna Therapeutics (NASDAQ:SION) Shares Gap Up on Insider Buying Activity

Sionna Therapeutics, Inc. (NASDAQ:SION - Get Free Report) shares gapped up before the market opened on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $18.16, but opened at $19.10. Sionna Therapeutics shares last traded at $19.43, with a volume of 17,239 shares trading hands.

Specifically, major shareholder Tpg Gp A, Llc bought 60,000 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was acquired at an average cost 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 $106,840,198.08. This represents a 0.90% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Guggenheim began coverage on shares of Sionna Therapeutics in a research report on Tuesday, March 4th. They set a "buy" rating and a $45.00 price objective for the company. TD Cowen started coverage on shares of Sionna Therapeutics in a research report on Tuesday, March 4th. They set a "buy" rating for the company. Wall Street Zen cut Sionna Therapeutics from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Stifel Nicolaus began coverage on shares of Sionna Therapeutics in a report on Tuesday, March 4th. They set a "buy" rating and a $32.00 target price on the stock.

Sionna Therapeutics Stock Up 14.9%

The firm has a 50 day moving average of $14.18.

Sionna Therapeutics (NASDAQ:SION - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.17).

Hedge Funds Weigh In On Sionna Therapeutics

Hedge funds have recently bought and sold shares of the company. Jennison Associates LLC bought a new stake in Sionna Therapeutics in the 1st quarter worth approximately $8,995,000. TD Asset Management Inc purchased a new position in shares of Sionna Therapeutics during the first quarter valued at about $579,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Sionna Therapeutics during the first quarter valued at approximately $676,000. CenterBook Partners LP bought a new stake in shares of Sionna Therapeutics during the 1st quarter valued at $1,195,000. Finally, Aberdeen Group plc bought a new position in Sionna Therapeutics during the 1st quarter valued at approximately $7,803,000.

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.