Solid Biosciences (NASDAQ:SLDB) Coverage Initiated at Wedbush

Wedbush began coverage on shares of Solid Biosciences (NASDAQ:SLDB) in a research note issued to investors on Friday, Marketbeat reports. The firm issued an outperform rating and a $16.00 price objective on the stock.

Several other research firms have also weighed in on SLDB. HC Wainwright reiterated a “buy” rating and issued a $16.00 price objective on shares of Solid Biosciences in a research note on Thursday. JPMorgan Chase & Co. reduced their target price on Solid Biosciences from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. JMP Securities assumed coverage on shares of Solid Biosciences in a report on Tuesday, December 10th. They set an “outperform” rating and a $15.00 price objective on the stock. Citizens Jmp upgraded Solid Biosciences to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, William Blair upgraded shares of Solid Biosciences to a “strong-buy” rating in a research report on Friday, August 30th. Eight analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Solid Biosciences currently has a consensus rating of “Buy” and an average price target of $15.22.

Solid Biosciences Price Performance

Shares of Solid Biosciences stock opened at $4.91 on Friday. Solid Biosciences has a 52-week low of $4.33 and a 52-week high of $15.05. The firm has a market capitalization of $196.20 million, a PE ratio of -1.62 and a beta of 2.01. The company’s fifty day moving average price is $5.69 and its two-hundred day moving average price is $7.07.

Solid Biosciences (NASDAQ:SLDB) last issued its earnings results on Wednesday, November 6th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.12). Analysts predict that Solid Biosciences will post -2.85 earnings per share for the current fiscal year.

Insider Activity at Solid Biosciences

In related news, CEO Alexander Cumbo sold 11,114 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total transaction of $62,238.40. Following the completion of the transaction, the chief executive officer now owns 38,484 shares in the company, valued at approximately $215,510.40. This represents a 22.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO David T. Howton sold 5,072 shares of Solid Biosciences stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total value of $28,403.20. Following the completion of the sale, the chief operating officer now directly owns 15,663 shares in the company, valued at approximately $87,712.80. This represents a 24.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,719 shares of company stock valued at $135,457. 13.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Solid Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC boosted its position in Solid Biosciences by 412.1% during the third quarter. Barclays PLC now owns 62,856 shares of the company’s stock worth $439,000 after purchasing an additional 50,582 shares during the period. XTX Topco Ltd acquired a new position in shares of Solid Biosciences in the 3rd quarter valued at approximately $121,000. Wellington Management Group LLP raised its position in Solid Biosciences by 183.6% during the third quarter. Wellington Management Group LLP now owns 119,804 shares of the company’s stock valued at $835,000 after purchasing an additional 77,564 shares in the last quarter. State Street Corp raised its holdings in shares of Solid Biosciences by 9.2% during the 3rd quarter. State Street Corp now owns 441,540 shares of the company’s stock worth $3,078,000 after buying an additional 37,130 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Solid Biosciences by 292.8% in the third quarter. Point72 Asset Management L.P. now owns 443,010 shares of the company’s stock worth $3,088,000 after acquiring an additional 330,234 shares during the last quarter. 81.46% of the stock is owned by institutional investors.

Solid Biosciences Company Profile

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.