Solid Biosciences (NASDAQ:SLDB) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen cut shares of Solid Biosciences (NASDAQ:SLDB) from a sell rating to a strong sell rating in a report issued on Saturday morning.

SLDB has been the subject of a number of other reports. Chardan Capital restated a “buy” rating and set a $15.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Tuesday, April 21st. Guggenheim initiated coverage on Solid Biosciences in a research note on Friday, March 20th. They set a “buy” rating and a $26.00 price objective for the company. Wedbush lowered their price objective on Solid Biosciences from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.36.

Solid Biosciences Trading Down 9.3%

Shares of NASDAQ SLDB opened at $6.92 on Friday. Solid Biosciences has a twelve month low of $2.61 and a twelve month high of $8.87. The company has a market capitalization of $681.27 million, a price-to-earnings ratio of -3.55 and a beta of 2.47. The business has a 50 day simple moving average of $7.55 and a 200-day simple moving average of $6.30.

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

Insider Transactions at Solid Biosciences

In other news, CEO Alexander Cumbo sold 16,644 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $96,868.08. Following the completion of the transaction, the chief executive officer owned 235,405 shares of the company’s stock, valued at approximately $1,370,057.10. This represents a 6.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Kevin Tan sold 5,404 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $31,451.28. Following the completion of the transaction, the chief financial officer directly owned 99,422 shares of the company’s stock, valued at approximately $578,636.04. The trade was a 5.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 39,925 shares of company stock valued at $232,364. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SLDB. AQR Capital Management LLC bought a new position in shares of Solid Biosciences in the first quarter worth $418,000. Goldman Sachs Group Inc. grew its stake in shares of Solid Biosciences by 32.2% in the first 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 in the last quarter. Woodline Partners LP bought a new position in shares of Solid Biosciences in the first quarter worth $2,338,000. Creative Planning bought a new position in shares of Solid Biosciences in the second quarter worth $57,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Solid Biosciences by 111.1% in the second quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company’s stock worth $167,000 after purchasing an additional 18,094 shares in the last quarter. 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.