Solid Biosciences’ (SLDB) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Solid Biosciences (NASDAQ:SLDB) in a research report sent to investors on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $16.00 price objective on the stock.

SLDB has been the subject of a number of other reports. Chardan Capital reissued a “buy” rating and issued a $15.00 price target on shares of Solid Biosciences in a research report on Tuesday, November 4th. JPMorgan Chase & Co. reduced their target price on Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Barclays set a $9.00 target price on Solid Biosciences and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Wall Street Zen lowered Solid Biosciences from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Wednesday, October 8th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Stock Down 3.4%

Shares of SLDB opened at $5.47 on Wednesday. The company has a market capitalization of $426.17 million, a price-to-earnings ratio of -2.20 and a beta of 2.69. Solid Biosciences has a 52-week low of $2.41 and a 52-week high of $7.37. The stock has a 50 day moving average price of $5.34 and a 200 day moving average price of $5.61.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.06). On average, equities analysts anticipate that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Solid Biosciences news, 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 value 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 trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO David T. Howton sold 4,932 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $5.11, for a total value of $25,202.52. Following the sale, the chief operating officer owned 32,908 shares of the company’s stock, valued at $168,159.88. This trade represents a 13.03% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 32,576 shares of company stock valued at $170,174. 1.90% of the stock is owned by company insiders.

Institutional Trading of Solid Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc raised its holdings in Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after purchasing an additional 4,063 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in Solid Biosciences by 205.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock worth $33,000 after purchasing an additional 4,534 shares during the period. Pallas Capital Advisors LLC acquired a new position in Solid Biosciences during the 2nd quarter worth approximately $54,000. Creative Planning purchased a new position in shares of Solid Biosciences during the 2nd quarter worth approximately $57,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after buying an additional 5,991 shares during the period. Hedge funds and other institutional investors own 81.46% of the company’s stock.

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.