Solid Biosciences (NASDAQ:SLDB) Earns Buy Rating from Needham & Company LLC

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $16.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 175.29% from the company’s current price.

SLDB has been the topic of several other reports. Citigroup restated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Barclays set a $9.00 target price on Solid Biosciences and gave the stock an “overweight” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. lowered their price target on Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Wall Street Zen downgraded shares of Solid Biosciences from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a report on Wednesday, October 8th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Solid Biosciences has an average rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Stock Up 12.6%

SLDB stock traded up $0.65 during midday trading on Wednesday, reaching $5.81. The stock had a trading volume of 778,215 shares, compared to its average volume of 1,056,655. The firm has a market cap of $452.81 million, a price-to-earnings ratio of -2.34 and a beta of 2.69. Solid Biosciences has a twelve month low of $2.41 and a twelve month high of $7.37. The business has a fifty day simple moving average of $5.25 and a two-hundred day simple moving average of $5.61.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results on Monday, November 3rd. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.06). On average, equities analysts predict that Solid Biosciences will post -2.84 earnings per share for the current fiscal year.

Insider Activity at Solid Biosciences

In other news, COO David T. Howton sold 4,932 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $5.11, for a total value of $25,202.52. Following the sale, the chief operating officer directly owned 32,908 shares in the company, valued at $168,159.88. The trade was a 13.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin Tan sold 5,704 shares of the stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $5.27, for a total value of $30,060.08. Following the transaction, the chief financial officer owned 46,100 shares of the company’s stock, valued at approximately $242,947. The trade was a 11.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 32,576 shares of company stock valued at $170,174. 13.63% of the stock is owned by corporate insiders.

Institutional Trading of Solid Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SLDB. Legal & General Group Plc lifted its stake in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after buying an additional 4,063 shares during the last quarter. Ameritas Investment Partners Inc. grew its position 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 valued at $33,000 after purchasing an additional 4,534 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of 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 purchasing an additional 5,991 shares during the period. Pallas Capital Advisors LLC bought a new stake in Solid Biosciences in the 2nd quarter valued at $54,000. Finally, Creative Planning acquired a new position in Solid Biosciences in the 2nd quarter valued at $57,000. 81.46% of the stock is currently owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

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.