Sionna Therapeutics initiated with an Outperform at Wedbush

Wedbush analyst Laura Chico initiated coverage of Sionna Therapeutics (SION) with an Outperform rating and $53 price target The company’s focus remains on developing next-generation CFTR modulators that stabilize the NBD1 domain, the analyst tells investors in a research note. The firm says Sion’s summer data readouts are on track, including the Phase 2a PreciSION for SION-719 and Phase 1 SION-451 data. Wedbush sees “strong rationale” for targeting the NBD1 domain.