Solid Biosciences Inc. (NASDAQ:SLDB) Receives $16.00 Consensus Target Price from Brokerages

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $16.0909.

Several research analysts recently weighed in on SLDB shares. Guggenheim began coverage on Solid Biosciences in a research report on Friday, March 20th. They issued a “buy” rating and a $26.00 target price on the stock. Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a research note on Wednesday, March 25th. Needham & Company LLC restated a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a report on Friday, March 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. boosted their target price on Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Wednesday, March 25th.

Insider Activity

In other news, COO David T. Howton sold 37,771 shares of the 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 completion of the sale, the chief operating officer owned 116,753 shares in the company, valued at approximately $751,889.32. This trade represents a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Tan sold 26,837 shares of the stock in a transaction dated Monday, February 2nd. The shares were 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 owned 108,984 shares of the company’s stock, valued at approximately $701,856.96. This trade represents a 19.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 597,672 shares of company stock valued at $3,816,546 over the last quarter. 13.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of SLDB. Siren L.L.C. grew its position in Solid Biosciences by 3.7% in the fourth 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 in the last quarter. Vestal Point Capital LP lifted its position in shares of Solid Biosciences by 95.5% during 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 in the last quarter. Armistice Capital LLC boosted its stake in shares of Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after purchasing an additional 1,676,000 shares during the period. Nantahala Capital Management LLC boosted its stake in shares of Solid Biosciences by 505.4% in the second 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 period. Finally, Alyeska Investment Group L.P. grew its holdings in Solid Biosciences by 2.6% during 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 in the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Solid Biosciences Stock Performance

Shares of SLDB stock opened at $7.11 on Monday. The firm has a market capitalization of $699.55 million, a price-to-earnings ratio of -3.52 and a beta of 2.64. Solid Biosciences has a one year low of $2.41 and a one year high of $8.72. The company has a 50 day moving average price of $6.60 and a 200 day moving average price of $5.86.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Thursday, March 19th. The company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.01. As a group, equities analysts forecast that Solid Biosciences will post -2.84 EPS for the current fiscal year.

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.