SiBone (NASDAQ:SIBN) Reaches New 52-Week High Following Analyst Upgrade

SiBone (NASDAQ:SIBN)’s stock price hit a new 52-week high on Wednesday after UBS Group raised their price target on the stock from $25.00 to $26.00. UBS Group currently has a buy rating on the stock. SiBone traded as high as $24.15 and last traded at $24.4770, with a volume of 1,389 shares traded. The stock had previously closed at $23.77.

A number of other research analysts have also weighed in on the company. TD Cowen raised their price objective on SiBone from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday. Weiss Ratings upgraded SiBone from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 20th. Needham & Company LLC decreased their target price on SiBone from $27.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday. Citigroup reiterated a “market outperform” rating on shares of SiBone in a research note on Tuesday. Finally, Truist Financial raised their target price on SiBone from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, October 14th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SiBone has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Insider Activity at SiBone

In other news, SVP Michael A. Pisetsky sold 29,665 shares of the firm’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $22.11, for a total value of $655,893.15. Following the transaction, the senior vice president directly owned 164,444 shares in the company, valued at approximately $3,635,856.84. This trade represents a 15.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Laura Francis sold 51,884 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $19.46, for a total value of $1,009,662.64. Following the transaction, the chief executive officer owned 321,386 shares of the company’s stock, valued at approximately $6,254,171.56. This represents a 13.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 238,371 shares of company stock valued at $4,738,916. 4.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. First Light Asset Management LLC boosted its stake in SiBone by 51.8% during the 2nd quarter. First Light Asset Management LLC now owns 8,127,985 shares of the company’s stock valued at $132,649,000 after purchasing an additional 2,774,795 shares during the period. Granahan Investment Management LLC boosted its position in shares of SiBone by 97.6% in the 1st quarter. Granahan Investment Management LLC now owns 1,739,097 shares of the company’s stock worth $21,965,000 after purchasing an additional 858,942 shares during the last quarter. Paradigm Capital Management Inc. NY raised its position in shares of SiBone by 113.3% during the first quarter. Paradigm Capital Management Inc. NY now owns 1,126,500 shares of the company’s stock worth $14,228,000 after purchasing an additional 598,300 shares during the period. Dimensional Fund Advisors LP boosted its position in SiBone by 41.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 618,939 shares of the company’s stock worth $7,816,000 after acquiring an additional 182,465 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of SiBone by 101.6% in the first quarter. Renaissance Technologies LLC now owns 472,619 shares of the company’s stock valued at $5,969,000 after acquiring an additional 238,219 shares during the last quarter. Institutional investors own 98.11% of the company’s stock.

SiBone Trading Up 3.7%

The company has a market cap of $1.09 billion, a P/E ratio of -80.27 and a beta of 0.64. The business’s 50-day moving average price is $19.50 and its 200 day moving average price is $16.48. The company has a debt-to-equity ratio of 0.20, a quick ratio of 7.55 and a current ratio of 9.15.

SiBone (NASDAQ:SIBN) last issued its earnings results on Monday, November 2nd. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.05. SiBone had a negative return on equity of 7.62% and a negative net margin of 6.20%. The business had revenue of $55.70 million during the quarter, compared to analysts’ expectations of $55.31 million. As a group, analysts expect that SiBone will post -0.40 earnings per share for the current year.

About SiBone

SI-BONE, Inc (NASDAQ: SIBN) is a medical device company focused on diagnosing and treating disorders of the sacroiliac joint, which connects the spine to the pelvis. The company develops minimally invasive surgical solutions intended to stabilize the sacroiliac joint and address sacroiliac joint dysfunction and related conditions.

Its product portfolio is centered on the iFuse Implant System, a family of triangular implants designed to be placed across the sacroiliac joint. SI-BONE also offers products such as iFuse-TORQ, a threaded implant system, and iFuse Bedrock Granite, which is designed for sacroiliac joint fusion and pelvic fixation as part of certain spinal procedures.