Solid Biosciences Inc. (NASDAQ:SLDB) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Solid Biosciences Inc. (NASDAQ:SLDB) have been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eleven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $16.3636.

Several research firms have recently weighed in on SLDB. Weiss Ratings reissued a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Truist Financial raised shares of Solid Biosciences to a “strong-buy” rating in a research note on Monday, April 27th. Wedbush dropped their price target on shares of Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday. HC Wainwright reissued a “buy” rating and issued a $20.00 price target on shares of Solid Biosciences in a research note on Monday, March 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Solid Biosciences in a research note on Friday, March 20th.

Insider Activity

In other news, CFO Kevin Tan sold 5,404 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total value of $31,451.28. Following the completion of the sale, the chief financial officer owned 99,422 shares of the company’s stock, valued at $578,636.04. This represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO David T. Howton sold 7,469 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total transaction of $43,469.58. Following the completion of the sale, the chief operating officer directly owned 105,077 shares of the company’s stock, valued at approximately $611,548.14. This trade represents a 6.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 39,925 shares of company stock valued at $232,364 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Large investors have recently made changes to their positions in the stock. Legal & General Group Plc lifted its holdings in shares of Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after acquiring an additional 4,063 shares during the last quarter. 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 worth $63,000 after acquiring an additional 5,991 shares during the last quarter. Creative Planning acquired a new position in shares of Solid Biosciences in the 2nd quarter worth approximately $57,000. Polymer Capital Management US LLC acquired a new position in shares of Solid Biosciences in the 3rd quarter worth approximately $94,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Solid Biosciences in the 3rd quarter worth approximately $114,000. 81.46% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Trading Down 9.3%

SLDB stock opened at $6.92 on Tuesday. The firm has a 50-day moving average of $7.55 and a two-hundred day moving average of $6.30. Solid Biosciences has a 12 month low of $2.61 and a 12 month high of $8.87. The company has a market cap of $681.27 million, a price-to-earnings ratio of -3.55 and a beta of 2.47.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.12). As a group, equities analysts forecast that Solid Biosciences will post -1.74 earnings per share for the current 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.