Wedbush Cuts Solid Biosciences (NASDAQ:SLDB) Price Target to $16.00

Solid Biosciences (NASDAQ:SLDB) had its price objective decreased by Wedbush from $17.00 to $16.00 in a report published on Wednesday morning, MarketBeat.com reports. Wedbush currently has an outperform rating on the stock.

SLDB has been the subject of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Tuesday, April 21st. Needham & Company LLC restated a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a research report on Friday, March 20th. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (up from $17.00) on shares of Solid Biosciences in a research report on Wednesday. Guggenheim began coverage on Solid Biosciences in a research report on Friday, March 20th. They set a “buy” rating and a $26.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $20.00 price target on shares of Solid Biosciences in a research report on Monday, March 23rd. One 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. According to data from MarketBeat, Solid Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $16.36.

Solid Biosciences Stock Performance

Shares of NASDAQ SLDB opened at $6.92 on Wednesday. Solid Biosciences has a fifty-two week low of $2.61 and a fifty-two week high of $8.87. The company has a market cap of $681.27 million, a PE ratio of -3.55 and a beta of 2.47. The business has a 50-day simple moving average of $7.55 and a two-hundred day simple moving average of $6.30.

Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Tuesday, May 12th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). On average, sell-side analysts predict that Solid Biosciences will post -1.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kevin Tan sold 5,404 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total transaction of $31,451.28. Following the transaction, the chief financial officer owned 99,422 shares of the company’s stock, valued at approximately $578,636.04. This represents a 5.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alexander Cumbo sold 16,644 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $96,868.08. Following the transaction, the chief executive officer directly owned 235,405 shares in the company, valued at approximately $1,370,057.10. The trade was a 6.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 39,925 shares of company stock valued at $232,364. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Solid Biosciences

Several large investors have recently bought and sold shares of SLDB. Boxer Capital Management LLC purchased a new position in shares of Solid Biosciences in the 3rd quarter valued at about $3,702,000. Fox Run Management L.L.C. acquired a new stake in Solid Biosciences during the 3rd quarter worth approximately $114,000. AXQ Capital LP acquired a new stake in Solid Biosciences during the 3rd quarter worth approximately $148,000. Quantum Private Wealth LLC lifted its position in Solid Biosciences by 3.9% during the 3rd quarter. Quantum Private Wealth LLC now owns 94,231 shares of the company’s stock worth $581,000 after acquiring an additional 3,500 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in Solid Biosciences by 1,478.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 60,536 shares of the company’s stock worth $374,000 after acquiring an additional 56,700 shares during the period. Hedge funds and other institutional investors 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.