Solid Biosciences’ (SLDB) “Outperform” Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Solid Biosciences (NASDAQ:SLDB) in a research note issued to investors on Wednesday,Benzinga reports. Wedbush currently has a $14.00 price target on the stock.

SLDB has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and set a $16.00 price objective on shares of Solid Biosciences in a report on Monday, February 9th. Citigroup restated a “market outperform” rating on shares of Solid Biosciences in a research note on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.70.

Solid Biosciences Trading Down 5.2%

NASDAQ:SLDB opened at $7.31 on Wednesday. Solid Biosciences has a twelve month low of $2.41 and a twelve month high of $8.72. The company has a market cap of $569.52 million, a PE ratio of -2.94 and a beta of 2.65. The company’s 50 day moving average is $6.24 and its two-hundred day moving average is $5.73.

Insiders Place Their Bets

In other news, 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 sale, the chief operating officer directly owned 105,077 shares of the company’s stock, valued at $611,548.14. This represents a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ilan Ganot sold 7,205 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total transaction of $46,400.20. Following the completion of the sale, the director owned 25,271 shares in the company, valued at $162,745.24. The trade was a 22.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 597,672 shares of company stock worth $3,816,546. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Solid Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its holdings in shares of Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after buying an additional 4,063 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of Solid Biosciences by 205.5% in the second quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock worth $33,000 after buying an additional 4,534 shares during the last quarter. Creative Planning acquired a new stake in Solid Biosciences during the second quarter worth about $57,000. Russell Investments Group Ltd. grew its holdings in Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after acquiring an additional 5,991 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its position in Solid Biosciences by 233.8% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 15,113 shares of the company’s stock valued at $74,000 after acquiring an additional 10,585 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.