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

Solid Biosciences Inc. (NASDAQ:SLDB) has been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $16.0909.

SLDB has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price target on shares of Solid Biosciences in a research report on Friday, March 20th. JPMorgan Chase & Co. lifted their price target on Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 25th. Chardan Capital restated a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. Truist Financial upgraded shares of Solid Biosciences to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Guggenheim started coverage on shares of Solid Biosciences in a research note on Friday, March 20th. They issued a “buy” rating and a $26.00 price objective on the stock.

Solid Biosciences Stock Performance

Shares of NASDAQ SLDB opened at $8.16 on Friday. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $8.87. The firm has a market capitalization of $802.86 million, a PE ratio of -4.04 and a beta of 2.58. The stock’s 50-day simple moving average is $7.10 and its 200-day simple moving average is $6.13.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results on Thursday, March 19th. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.01. On average, sell-side analysts forecast that Solid Biosciences will post -1.6 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Kevin Tan sold 26,837 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $172,830.28. Following the transaction, the chief financial officer owned 108,984 shares of the company’s stock, valued at $701,856.96. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO David T. Howton sold 37,771 shares of the firm’s 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 transaction, the chief operating officer directly owned 116,753 shares in the company, valued at approximately $751,889.32. This represents a 24.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 590,915 shares of company stock valued at $3,780,768. Insiders own 13.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SLDB. Legal & General Group Plc increased its holdings in shares of Solid Biosciences by 208.6% in the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after purchasing an additional 4,063 shares during the period. Creative Planning acquired a new position in shares of Solid Biosciences in the second quarter valued at approximately $57,000. Russell Investments Group Ltd. increased its holdings in shares of Solid Biosciences by 142.0% in the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after purchasing an additional 5,991 shares during the period. Polymer Capital Management US LLC acquired a new position in shares of Solid Biosciences in the third quarter valued at approximately $94,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Solid Biosciences in the third quarter valued at approximately $114,000. Institutional investors and hedge funds own 81.46% of the company’s stock.

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.