SiBone (NASDAQ:SIBN) Sees Large Growth in Short Interest

SiBone (NASDAQ:SIBN) was the target of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 3,603,947 shares, an increase of 25.5% from the February 26th total of 2,871,776 shares. Approximately 8.5% of the shares of the company are short sold. Based on an average daily trading volume, of 538,789 shares, the days-to-cover ratio is currently 6.7 days.

SiBone Price Performance

NASDAQ SIBN traded down $0.08 during mid-day trading on Monday, hitting $12.22. The stock had a trading volume of 173,567 shares, compared to its average volume of 580,037. The firm’s 50 day moving average is $15.02 and its 200 day moving average is $16.48. SiBone has a twelve month low of $12.15 and a twelve month high of $21.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 8.55 and a quick ratio of 7.21. The stock has a market capitalization of $539.48 million, a price-to-earnings ratio of -27.76 and a beta of 0.69.

SiBone (NASDAQ:SIBN) last announced its earnings results on Monday, February 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. The company had revenue of $56.35 million for the quarter, compared to analysts’ expectations of $56.26 million. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%. Equities research analysts forecast that SiBone will post -0.78 earnings per share for the current fiscal year.

Insider Transactions at SiBone

In related news, Director Mika Nishimura sold 4,100 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $13.83, for a total transaction of $56,703.00. Following the sale, the director directly owned 32,716 shares of the company’s stock, valued at $452,462.28. This trade represents a 11.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony J. Recupero sold 21,049 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $15.40, for a total value of $324,154.60. Following the completion of the sale, the insider owned 243,418 shares in the company, valued at approximately $3,748,637.20. This represents a 7.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 193,611 shares of company stock valued at $3,136,244. 4.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Light Asset Management LLC increased its holdings in shares of SiBone by 162.4% in the fourth quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company’s stock valued at $99,249,000 after purchasing an additional 3,115,001 shares during the last quarter. American Century Companies Inc. boosted its stake in SiBone by 22.5% during the third quarter. American Century Companies Inc. now owns 2,838,107 shares of the company’s stock worth $41,777,000 after buying an additional 521,683 shares during the last quarter. Vanguard Group Inc. grew its holdings in SiBone by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,501,555 shares of the company’s stock valued at $49,331,000 after buying an additional 11,566 shares in the last quarter. Nuveen LLC increased its stake in shares of SiBone by 5.1% in the 4th quarter. Nuveen LLC now owns 1,421,946 shares of the company’s stock worth $28,041,000 after acquiring an additional 69,229 shares during the last quarter. Finally, Impax Asset Management Group plc raised its holdings in shares of SiBone by 17.1% during the 4th quarter. Impax Asset Management Group plc now owns 1,200,010 shares of the company’s stock worth $23,664,000 after acquiring an additional 175,000 shares during the period. 98.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SIBN shares. Morgan Stanley increased their price target on SiBone from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Wall Street Zen raised SiBone from a “hold” rating to a “buy” rating in a research note on Saturday. Canaccord Genuity Group increased their target price on SiBone from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Needham & Company LLC lifted their price target on shares of SiBone from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Finally, TD Cowen boosted their price target on shares of SiBone from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, SiBone has a consensus rating of “Moderate Buy” and a consensus target price of $24.67.

SiBone Company Profile

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.