Solid Biosciences’ (SLDB) “Buy” Rating Reiterated at Needham & Company LLC

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $19.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 166.85% from the company’s current price.

Several other equities research analysts have also commented on the company. Wedbush reiterated an “outperform” rating and set a $14.00 price objective on shares of Solid Biosciences in a research note on Wednesday, March 11th. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 price target on shares of Solid Biosciences in a research note on Thursday, March 12th. Citigroup reissued a “market outperform” rating on shares of Solid Biosciences in a research note on Wednesday, December 17th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a report on Thursday, January 22nd. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.00.

Solid Biosciences Stock Performance

NASDAQ:SLDB opened at $7.12 on Friday. The stock has a market capitalization of $554.72 million, a PE ratio of -2.86 and a beta of 2.65. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $8.72. The company has a fifty day moving average of $6.40 and a two-hundred day moving average of $5.78.

Solid Biosciences (NASDAQ:SLDB) last announced its earnings results on Thursday, March 19th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.05). Research analysts forecast that Solid Biosciences will post -2.84 earnings per share for the current year.

Insider Buying and Selling

In related news, COO David T. Howton sold 37,771 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer owned 116,753 shares in the company, valued at $751,889.32. This trade represents a 24.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jessie Hanrahan sold 26,535 shares of Solid Biosciences stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $170,885.40. Following the transaction, the insider directly owned 82,675 shares in the company, valued at approximately $532,427. This trade represents a 24.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 597,672 shares of company stock worth $3,816,546 over the last 90 days. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Solid Biosciences

A number of hedge funds have recently modified their holdings of SLDB. Invesco Ltd. boosted its stake in Solid Biosciences by 29.6% during the 4th quarter. Invesco Ltd. now owns 152,126 shares of the company’s stock worth $858,000 after purchasing an additional 34,758 shares during the period. XTX Topco Ltd acquired a new position in Solid Biosciences in the fourth quarter valued at $201,000. Vestal Point Capital LP increased its stake 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 purchasing an additional 2,840,000 shares during the period. Armistice Capital LLC raised its holdings in shares of Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after buying an additional 1,676,000 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of Solid Biosciences by 168.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 182,869 shares of the company’s stock worth $1,031,000 after buying an additional 114,867 shares during the period. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

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.