Solid Biosciences (NASDAQ:SLDB) Trading 11% Higher – Still a Buy?

Solid Biosciences Inc. (NASDAQ:SLDB) rose 11% during trading on Thursday . The stock traded as high as $6.83 and last traded at $6.8360. Approximately 1,643,785 shares were traded during trading, an increase of 48% from the average daily volume of 1,109,853 shares. The stock had previously closed at $6.16.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday. Citigroup reaffirmed a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Wall Street Zen lowered Solid Biosciences from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Finally, Chardan Capital restated a “buy” rating and set a $15.00 price objective on shares of Solid Biosciences in a report on Tuesday, November 4th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.70.

Solid Biosciences Trading Down 3.8%

The stock has a market capitalization of $514.21 million, a P/E ratio of -2.65 and a beta of 2.69. The business has a fifty day simple moving average of $5.52 and a 200 day simple moving average of $5.66.

Solid Biosciences (NASDAQ:SLDB) last announced its earnings results on Monday, November 3rd. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.06). As a group, research analysts forecast that Solid Biosciences Inc. will post -2.84 earnings per share for the current year.

Insider Transactions at Solid Biosciences

In other Solid Biosciences news, CEO Alexander Cumbo sold 10,808 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $5.11, for a total value of $55,228.88. Following the completion of the sale, the chief executive officer directly owned 81,388 shares of the company’s stock, valued at approximately $415,892.68. This represents a 11.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevin Tan sold 5,704 shares of Solid Biosciences stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $5.27, for a total transaction of $30,060.08. Following the transaction, the chief financial officer directly owned 46,100 shares in the company, valued at approximately $242,947. This represents a 11.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,681 shares of company stock worth $152,920 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Solid Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of SLDB. AQR Capital Management LLC purchased a new position in Solid Biosciences in the first quarter worth $418,000. Goldman Sachs Group Inc. raised its stake in shares of Solid Biosciences by 32.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock worth $667,000 after purchasing an additional 43,910 shares during the period. Woodline Partners LP purchased a new position in shares of Solid Biosciences in the 1st quarter worth about $2,338,000. Blair William & Co. IL bought a new position in Solid Biosciences during the second quarter valued at about $807,000. Finally, ProShare Advisors LLC purchased a new stake in Solid Biosciences during the second quarter worth about $80,000. 81.46% of the stock is owned by hedge funds and other institutional investors.

About Solid Biosciences

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.