Solid Biosciences (NASDAQ:SLDB) Trading Down 6.3% – What’s Next?

Solid Biosciences Inc. (NASDAQ:SLDB) shares dropped 6.3% on Wednesday . The stock traded as low as $7.68 and last traded at $7.6670. Approximately 235,541 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,278,801 shares. The stock had previously closed at $8.18.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $14.00 price objective on shares of Solid Biosciences in a report on Wednesday. Chardan Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of Solid Biosciences in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $16.00 price target on shares of Solid Biosciences in a report on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. Finally, Citigroup reiterated a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.70.

Solid Biosciences Stock Performance

The company has a 50 day moving average of $6.20 and a two-hundred day moving average of $5.72. The stock has a market capitalization of $567.89 million, a PE ratio of -2.92 and a beta of 2.65.

Insider Transactions at Solid Biosciences

In other Solid Biosciences news, CFO Kevin Tan sold 26,837 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $172,830.28. Following the transaction, the chief financial officer owned 108,984 shares in the company, valued at approximately $701,856.96. This represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO David T. Howton sold 37,771 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $243,245.24. Following the completion of the transaction, the chief operating officer directly owned 116,753 shares of the company’s stock, valued at approximately $751,889.32. This represents a 24.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 597,672 shares of company stock worth $3,816,546 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SLDB. Vestal Point Capital LP boosted its position in Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after buying an additional 2,840,000 shares during the last quarter. Armistice Capital LLC boosted its holdings 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 last quarter. Nantahala Capital Management LLC increased its stake in shares of Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after acquiring an additional 1,421,968 shares during the period. Monashee Investment Management LLC purchased a new position in shares of Solid Biosciences during the fourth quarter worth $7,613,000. Finally, Geode Capital Management LLC lifted its position in Solid Biosciences by 184.5% during the second quarter. Geode Capital Management LLC now owns 1,510,153 shares of the company’s stock valued at $7,356,000 after purchasing an additional 979,294 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.