Chardan Capital Reaffirms Buy Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reaffirmed by investment analysts at Chardan Capital in a research report issued on Thursday,Benzinga reports. They presently have a $15.00 price target on the stock. Chardan Capital’s price target would suggest a potential upside of 105.20% from the company’s current price.

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

Solid Biosciences Stock Down 5.2%

NASDAQ SLDB opened at $7.31 on Thursday. The company has a market cap of $569.52 million, a PE ratio of -2.94 and a beta of 2.65. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $8.72. The firm’s 50-day simple moving average is $6.24 and its two-hundred day simple moving average is $5.73.

Insider Buying and Selling

In other news, insider Gabriel Brooks sold 28,335 shares of the firm’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 value of $182,477.40. Following the completion of the transaction, the insider directly owned 96,708 shares in the company, valued at approximately $622,799.52. This trade represents a 22.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David T. Howton sold 37,771 shares of the company’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 sale, the chief operating officer directly owned 116,753 shares in the company, valued at $751,889.32. This trade represents a 24.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 597,672 shares of company stock valued at $3,816,546 in the last three months. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Invesco Ltd. boosted its stake in Solid Biosciences by 29.6% during the fourth quarter. Invesco Ltd. now owns 152,126 shares of the company’s stock valued at $858,000 after buying an additional 34,758 shares during the period. XTX Topco Ltd bought a new position in Solid Biosciences in the 4th quarter worth about $201,000. Vestal Point Capital LP raised its holdings in shares of Solid Biosciences by 95.5% in the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after acquiring an additional 2,840,000 shares in the last quarter. Armistice Capital LLC boosted its position in shares of Solid Biosciences by 179.1% during 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. Finally, Schonfeld Strategic Advisors LLC boosted its position in shares of Solid Biosciences by 168.9% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 182,869 shares of the company’s stock valued at $1,031,000 after acquiring an additional 114,867 shares during the last quarter. Institutional investors own 81.46% of the company’s stock.

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.