Solid Biosciences (NASDAQ:SLDB) Price Target Raised to $12.00

Solid Biosciences (NASDAQ:SLDB) had its price objective hoisted by JPMorgan Chase & Co. from $11.00 to $12.00 in a research report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on SLDB. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Solid Biosciences in a research report on Monday, March 23rd. Citigroup reiterated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Wedbush reissued an “outperform” rating and issued a $14.00 price objective on shares of Solid Biosciences in a research note on Wednesday, March 11th. Guggenheim assumed coverage on Solid Biosciences in a report on Friday, March 20th. They issued a “buy” rating and a $26.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Solid Biosciences in a research note on Friday, March 20th. One investment 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.09.

Solid Biosciences Stock Down 8.0%

SLDB stock opened at $7.11 on Wednesday. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $8.72. The firm has a 50-day simple moving average of $6.60 and a 200-day simple moving average of $5.85. The stock has a market capitalization of $553.94 million, a P/E ratio of -3.52 and a beta of 2.65.

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

Insiders Place Their Bets

In other Solid Biosciences news, CEO Alexander Cumbo sold 80,258 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $6.44, for a total value of $516,861.52. Following the transaction, the chief executive officer owned 270,931 shares of the company’s stock, valued at $1,744,795.64. This represents a 22.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin Tan sold 26,837 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $172,830.28. Following the completion of the transaction, the chief financial officer directly owned 108,984 shares in the company, valued at $701,856.96. The trade was a 19.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 597,672 shares of company stock worth $3,816,546. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in SLDB. MetLife Investment Management LLC lifted its holdings in shares of Solid Biosciences by 10.4% in the 4th quarter. MetLife Investment Management LLC now owns 33,202 shares of the company’s stock worth $187,000 after acquiring an additional 3,124 shares during the last quarter. Quantum Private Wealth LLC increased its holdings in Solid Biosciences by 3.9% in the 3rd quarter. Quantum Private Wealth LLC now owns 94,231 shares of the company’s stock valued at $581,000 after purchasing an additional 3,500 shares during the last quarter. Legal & General Group Plc increased its holdings in 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 purchasing an additional 4,063 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in Solid Biosciences by 205.5% in the second quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock valued at $33,000 after purchasing an additional 4,534 shares during the period. Finally, Intech Investment Management LLC raised its position in Solid Biosciences by 15.2% in the fourth quarter. Intech Investment Management LLC now owns 34,485 shares of the company’s stock valued at $194,000 after purchasing an additional 4,539 shares during the period. 81.46% of the stock is owned by hedge funds and other institutional investors.

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.