Solid Biosciences (NASDAQ:SLDB) Trading Up 6.4% – What’s Next?

Solid Biosciences Inc. (NASDAQ:SLDB)’s share price was up 6.4% on Monday . The company traded as high as $7.85 and last traded at $7.97. Approximately 132,215 shares changed hands during trading, a decline of 90% from the average daily volume of 1,325,357 shares. The stock had previously closed at $7.49.

Analyst Ratings Changes

A number of analysts have weighed in on SLDB shares. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a report on Thursday, January 22nd. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of Solid Biosciences in a report on Monday, March 23rd. Guggenheim started coverage on Solid Biosciences in a report on Friday, March 20th. They set a “buy” rating and a $26.00 target price for the company. Wedbush restated an “outperform” rating and set a $14.00 target price on shares of Solid Biosciences in a report on Wednesday, March 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $19.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.09.

Solid Biosciences Stock Performance

The firm has a fifty day moving average price of $6.76 and a 200 day moving average price of $5.96. The stock has a market cap of $761.55 million, a PE ratio of -3.84 and a beta of 2.58.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.51) by $0.01. On average, equities research analysts forecast that Solid Biosciences Inc. will post -2.84 earnings per share for the current year.

Insider Activity

In other news, 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 transaction of $31,451.28. Following the completion of the sale, the chief financial officer owned 99,422 shares in the company, valued at approximately $578,636.04. This represents a 5.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO David T. Howton sold 7,469 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total value of $43,469.58. Following the completion of the transaction, the chief operating officer directly owned 105,077 shares in the company, valued at approximately $611,548.14. The trade was a 6.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 596,619 shares of company stock worth $3,810,828. Company insiders own 13.63% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Several hedge funds have recently made changes to their positions in the company. Invesco Ltd. increased its position in shares of Solid Biosciences by 29.6% in the 4th quarter. Invesco Ltd. now owns 152,126 shares of the company’s stock valued at $858,000 after acquiring an additional 34,758 shares during the period. XTX Topco Ltd acquired a new position in shares of Solid Biosciences in the 4th quarter valued at $201,000. Vestal Point Capital LP increased its position in shares of Solid Biosciences by 95.5% in the 4th 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 shares of Solid Biosciences by 179.1% in the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after acquiring an additional 1,676,000 shares during the period. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Solid Biosciences by 168.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 182,869 shares of the company’s stock valued at $1,031,000 after acquiring an additional 114,867 shares during the period. 81.46% of the stock is owned by institutional investors and hedge funds.

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.