SI-Bone (SIBN) Receives a Buy from Needham

By Ryan Adsit

Needham analyst David Saxon reiterated a Buy rating on SI-Bone (SIBNResearch Report) today and set a price target of $37.00. The company’s shares closed last Monday at $30.26.

According to, Saxon is a 4-star analyst with an average return of 23.9% and a 69.6% success rate. Saxon covers the Healthcare sector, focusing on stocks such as Irhythm Technologies, Globus Medical, and NuVasive.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for SI-Bone with a $40.67 average price target, a 39.1% upside from current levels. In a report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $43.00 price target.

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SI-Bone’s market cap is currently $993.5M and has a P/E ratio of -21.50. The company has a Price to Book ratio of 6.16.

Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SIBN in relation to earlier this year.

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SI-BONE, Inc. is a medical device company, which engages in the research and development of minimally invasive surgical implant system. Its product, iFuse, seeks to fuse the sacroiliac joint to treat sacroiliac joint dysfunction that often causes severe lower back pain. The company was founded by Mark A. Reiley and Jeffrey W. Dunn on March 18, 2008 and is headquartered in San Jose, CA.