Solid Biosciences’ (SLDB) Outperform Rating Reiterated at Wedbush

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research note issued on Wednesday,Benzinga reports. They currently have a $14.00 price objective on the stock. Wedbush’s target price indicates a potential upside of 71.15% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research report 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 target price on shares of Solid Biosciences in a research note on Monday, February 9th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.70.

Solid Biosciences Price Performance

Shares of SLDB stock opened at $8.18 on Wednesday. The stock has a market cap of $637.30 million, a P/E ratio of -3.29 and a beta of 2.65. The stock has a fifty day moving average price of $6.12 and a 200 day moving average price of $5.69. Solid Biosciences has a one year low of $2.41 and a one year high of $8.72.

Insiders Place Their Bets

In other news, insider Gabriel Brooks sold 12,616 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total transaction of $81,247.04. Following the transaction, the insider owned 84,092 shares of the company’s stock, valued at $541,552.48. This represents a 13.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Alexander Cumbo sold 16,644 shares of Solid Biosciences stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $96,868.08. Following the completion of the sale, the chief executive officer owned 235,405 shares of the company’s stock, valued at approximately $1,370,057.10. The trade was a 6.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 597,672 shares of company stock valued at $3,816,546 over the last quarter. Company insiders own 13.63% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Several large investors have recently bought and sold shares of SLDB. Siren L.L.C. raised its position in shares of Solid Biosciences by 3.7% during the 4th quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock valued at $43,374,000 after acquiring an additional 274,500 shares during the last quarter. Vestal Point Capital LP raised its holdings in Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after purchasing an additional 2,840,000 shares during the period. Armistice Capital LLC grew its holdings in shares of Solid Biosciences by 179.1% in the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after buying an additional 1,676,000 shares during the period. Nantahala Capital Management LLC increased its position in shares of Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after buying an additional 1,421,968 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its stake in Solid Biosciences by 2.6% in the third quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock valued at $10,383,000 after acquiring an additional 41,984 shares during the period. 81.46% of the stock is currently 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.