Solid Biosciences (NASDAQ:SLDB) Reaches New 1-Year High – Should You Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $8.20 and last traded at $7.60, with a volume of 1298181 shares changing hands. The stock had previously closed at $6.75.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Citigroup reiterated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $16.00 price target on shares of Solid Biosciences in a report on Monday, February 9th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Solid Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.70.

Solid Biosciences Price Performance

The business’s 50-day simple moving average is $6.02 and its two-hundred day simple moving average is $5.66. The stock has a market capitalization of $592.90 million, a price-to-earnings ratio of -3.06 and a beta of 2.64.

Insider Buying and Selling at Solid Biosciences

In other Solid Biosciences news, COO David T. Howton sold 37,771 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $243,245.24. Following the transaction, the chief operating officer directly owned 116,753 shares of the company’s stock, valued at $751,889.32. This trade represents a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin Tan sold 26,837 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $172,830.28. Following the completion of the sale, the chief financial officer directly owned 108,984 shares of the company’s stock, valued at $701,856.96. The trade was a 19.76% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 597,672 shares of company stock worth $3,816,546. Corporate insiders own 13.63% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. grew its position in Solid Biosciences by 29.6% in the fourth quarter. Invesco Ltd. now owns 152,126 shares of the company’s stock valued at $858,000 after acquiring an additional 34,758 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Solid Biosciences in the fourth quarter valued at $201,000. Vestal Point Capital LP grew its holdings in Solid Biosciences by 95.5% during the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after purchasing an additional 2,840,000 shares in the last quarter. Armistice Capital LLC increased its stake in Solid Biosciences by 179.1% during the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after buying an additional 1,676,000 shares during the period. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in Solid Biosciences by 168.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 182,869 shares of the company’s stock worth $1,031,000 after buying an additional 114,867 shares in the last quarter. 81.46% of the stock is owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

Solid Biosciences Inc is a clinical‐stage biotechnology company focused on the development of therapies for Duchenne muscular dystrophy (DMD), a rare genetic disorder characterized by progressive muscle degeneration. The company’s primary approach centers on gene replacement and gene editing technologies designed to restore functional dystrophin protein in patients lacking this critical muscle‐stabilizing protein.

Solid’s lead investigational therapy, SGT‐001, is a micro‐dystrophin gene therapy candidate engineered to deliver a shortened but functional form of the dystrophin gene using an adeno‐associated virus (AAV) vector.