Sionna downgraded to Underperform from Sector Perform at RBC Capital

RBC Capital downgraded Sionna Therapeutics (SION) to Underperform from Sector Perform with an unchanged price target of $24. The company is pursuing a novel approach in what could be a large cystic fibrosis market opportunity, the analyst tells investors in a research note. However, with shares doubling over the past several weeks without any major fundamental de-risking, Sionna’s $2B market cap “appears to be highly optimistic,” the analyst tells investors in a research note.