SiBone (NASDAQ:SIBN) Shares Gap Up – Still a Buy?

SiBone (NASDAQ:SIBN)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $17.05, but opened at $17.72. SiBone shares last traded at $17.7410, with a volume of 252,650 shares traded.

Wall Street Analysts Forecast Growth

SIBN has been the topic of a number of research reports. Weiss Ratings upgraded SiBone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. TD Cowen cut their price objective on SiBone from $22.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Wall Street Zen cut SiBone from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. Truist Financial increased their price objective on SiBone from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Finally, UBS Group assumed coverage on SiBone in a report on Tuesday. They set a “buy” rating and a $24.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, SiBone currently has an average rating of “Moderate Buy” and a consensus target price of $23.57.

SiBone Stock Up 4.8%

The company has a market cap of $792.07 million, a PE ratio of -45.95 and a beta of 0.67. The stock’s 50 day moving average price is $15.97 and its 200-day moving average price is $15.18. The company has a debt-to-equity ratio of 0.20, a quick ratio of 8.34 and a current ratio of 9.99.

SiBone (NASDAQ:SIBN) last released its earnings results on Monday, May 11th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.07. The company had revenue of $52.59 million for the quarter, compared to analyst estimates of $51.16 million. SiBone had a negative net margin of 8.10% and a negative return on equity of 9.56%. On average, analysts predict that SiBone will post -0.44 earnings per share for the current year.

Insider Activity

In other news, Director Jeffrey W. Dunn sold 3,575 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $15.25, for a total transaction of $54,518.75. Following the transaction, the director directly owned 16,057 shares of the company’s stock, valued at approximately $244,869.25. This trade represents a 18.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Michael A. Pisetsky sold 3,726 shares of SiBone stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $14.63, for a total value of $54,511.38. Following the completion of the transaction, the senior vice president owned 280,509 shares in the company, valued at approximately $4,103,846.67. This represents a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 36,326 shares of company stock valued at $545,661. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On SiBone

A number of large investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its stake in shares of SiBone by 102.9% during the second quarter. Versant Capital Management Inc now owns 1,749 shares of the company’s stock valued at $29,000 after purchasing an additional 887 shares during the period. Bank of America Corp DE grew its holdings in shares of SiBone by 8.7% in the first quarter. Bank of America Corp DE now owns 419,473 shares of the company’s stock worth $5,298,000 after purchasing an additional 33,688 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of SiBone in the first quarter worth $159,000. Quantinno Capital Management LP increased its stake in shares of SiBone by 58.2% in the first quarter. Quantinno Capital Management LP now owns 29,475 shares of the company’s stock worth $372,000 after buying an additional 10,848 shares during the period. Finally, First Light Asset Management LLC raised its holdings in SiBone by 6.4% during the 1st quarter. First Light Asset Management LLC now owns 5,353,190 shares of the company’s stock valued at $67,611,000 after buying an additional 320,286 shares during the last quarter. 98.11% of the stock is owned by hedge funds and other institutional investors.

About SiBone

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.