Solid Biosciences (NASDAQ:SLDB) Sets New 12-Month High – Here’s What Happened

Solid Biosciences Inc. (NASDAQ:SLDB)’s share price hit a new 52-week high on Monday . The stock traded as high as $8.20 and last traded at $7.60, with a volume of 1298181 shares changing hands. The stock had previously closed at $6.75.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SLDB. Citigroup reissued a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. Needham & Company LLC reissued a “buy” rating and set a $16.00 price target on shares of Solid Biosciences in a research report on Monday, February 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Solid Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $14.70.

Solid Biosciences Stock Up 12.7%

The firm’s 50 day moving average is $6.02 and its two-hundred day moving average is $5.66. The stock has a market cap of $592.90 million, a price-to-earnings ratio of -3.06 and a beta of 2.64.

Insider Buying and Selling at Solid Biosciences

In other Solid Biosciences news, COO David T. Howton sold 7,469 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 $43,469.58. Following the sale, the chief operating officer directly owned 105,077 shares of the company’s stock, valued at $611,548.14. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alexander Cumbo sold 16,644 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total transaction of $96,868.08. Following the transaction, the chief executive officer owned 235,405 shares of the company’s stock, valued at $1,370,057.10. This represents a 6.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 597,672 shares of company stock worth $3,816,546. Corporate insiders own 13.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SLDB. Invesco Ltd. increased its stake in shares of Solid Biosciences by 29.6% in the fourth quarter. Invesco Ltd. now owns 152,126 shares of the company’s stock valued at $858,000 after purchasing an additional 34,758 shares during the period. XTX Topco Ltd bought a new position in Solid Biosciences in the 4th quarter worth approximately $201,000. Vestal Point Capital LP increased its position in 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 raised its stake in Solid Biosciences by 179.1% during 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 in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its stake in Solid Biosciences by 168.9% during 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 in the last quarter. 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.