Wedbush Reaffirms “Outperform” Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “outperform” rating reiterated by Wedbush in a note issued to investors on Wednesday,Benzinga reports. They currently have a $14.00 price target on the stock. Wedbush’s price target would indicate a potential upside of 71.15% from the company’s current price.

Several other research analysts have also commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Thursday, January 22nd. Citigroup restated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $16.00 target price on shares of Solid Biosciences in a research note on Monday, February 9th. Ten research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Stock Up 2.0%

Shares of Solid Biosciences stock opened at $8.18 on Wednesday. The business has a 50-day moving average price of $6.12 and a 200 day moving average price of $5.69. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $8.72. The firm has a market cap of $637.30 million, a P/E ratio of -3.29 and a beta of 2.65.

Insider Transactions at Solid Biosciences

In other Solid Biosciences news, insider Jessie Hanrahan sold 26,535 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total value of $170,885.40. Following the completion of the sale, the insider directly owned 82,675 shares of the company’s stock, valued at $532,427. The trade was a 24.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Gabriel Brooks sold 28,335 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $6.44, for a total value of $182,477.40. Following the transaction, the insider owned 96,708 shares in the company, valued at approximately $622,799.52. This trade represents a 22.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 597,672 shares of company stock valued at $3,816,546 in the last ninety days. 13.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Siren L.L.C. lifted 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 worth $43,374,000 after purchasing an additional 274,500 shares during the last quarter. Vestal Point Capital LP boosted its position in shares of Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after acquiring an additional 2,840,000 shares during the period. Armistice Capital LLC increased its position in Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after acquiring an additional 1,676,000 shares during the period. Nantahala Capital Management LLC raised its stake in Solid Biosciences by 505.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after purchasing an additional 1,421,968 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its holdings in Solid Biosciences by 2.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock valued at $10,383,000 after purchasing an additional 41,984 shares during the period. Institutional investors and hedge funds 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.