Solid Biosciences (NASDAQ:SLDB) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Solid Biosciences (NASDAQ:SLDB) in a research report report published on Monday,Benzinga reports. Needham & Company LLC currently has a $16.00 price target on the stock.

A number of other research firms have also recently weighed in on SLDB. Wall Street Zen cut Solid Biosciences from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Chardan Capital restated a “buy” rating and issued a $15.00 target price on shares of Solid Biosciences in a report on Tuesday, November 4th. Barclays set a $9.00 price objective on shares of Solid Biosciences and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Finally, JPMorgan Chase & Co. reduced their target price on Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Stock Performance

NASDAQ:SLDB opened at $6.86 on Monday. Solid Biosciences has a fifty-two week low of $2.41 and a fifty-two week high of $7.37. The company has a 50 day moving average price of $5.88 and a 200 day moving average price of $5.71. The stock has a market capitalization of $534.46 million, a P/E ratio of -2.76 and a beta of 2.67.

Insider Buying and Selling

In related news, insider Gabriel Brooks sold 12,616 shares of Solid Biosciences stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total value of $81,247.04. Following the sale, the insider directly owned 84,092 shares in the company, valued at $541,552.48. The trade was a 13.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin Tan sold 14,783 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total value of $95,202.52. Following the transaction, the chief financial officer directly owned 94,201 shares in the company, valued at $606,654.44. This represents a 13.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 580,671 shares of company stock worth $3,701,324. 13.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Solid Biosciences

Several institutional investors have recently made changes to their positions in the stock. Vestal Point Capital LP grew its position in shares of Solid Biosciences by 97.7% in the third quarter. Vestal Point Capital LP now owns 2,975,000 shares of the company’s stock valued at $18,356,000 after purchasing an additional 1,470,000 shares during the last quarter. Nantahala Capital Management LLC raised its position in shares of Solid Biosciences by 505.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after purchasing an additional 1,421,968 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in Solid Biosciences by 2.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock valued at $10,383,000 after buying an additional 41,984 shares in the last quarter. Franklin Resources Inc. grew its holdings in Solid Biosciences by 28.9% during the 2nd quarter. Franklin Resources Inc. now owns 1,599,173 shares of the company’s stock valued at $7,788,000 after buying an additional 358,473 shares during the last quarter. Finally, Geode Capital Management LLC increased 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 worth $7,356,000 after buying an additional 979,294 shares in the last quarter. 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.