Solid Biosciences (NASDAQ:SLDB) Shares Down 2.2% – Here’s What Happened

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price dropped 2.2% during trading on Monday . The company traded as low as $5.17 and last traded at $5.33. Approximately 1,146,963 shares changed hands during trading, an increase of 41% from the average daily volume of 812,172 shares. The stock had previously closed at $5.45.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SLDB. Citigroup reissued a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. JPMorgan Chase & Co. lowered their target price on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Wednesday, October 8th. Needham & Company LLC began coverage on shares of Solid Biosciences in a report on Thursday, December 4th. They issued a “buy” rating and a $16.00 price target for the company. Finally, Chardan Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of Solid Biosciences in a research report on Tuesday, November 4th. Eleven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.82.

Solid Biosciences Stock Down 2.2%

The company has a market capitalization of $415.26 million, a P/E ratio of -2.14 and a beta of 2.69. The business has a 50 day simple moving average of $5.24 and a 200-day simple moving average of $5.58.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.06). Equities analysts forecast that Solid Biosciences Inc. will post -2.84 EPS for the current fiscal year.

Insider Activity

In other news, COO David T. Howton sold 4,932 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $5.11, for a total transaction of $25,202.52. Following the completion of the transaction, the chief operating officer directly owned 32,908 shares in the company, valued at approximately $168,159.88. The trade was a 13.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alexander Cumbo sold 10,808 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $5.11, for a total value of $55,228.88. Following the completion of the transaction, the chief executive officer directly owned 81,388 shares of the company’s stock, valued at $415,892.68. This trade represents a 11.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 25,819 shares of company stock valued at $134,396. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SLDB. Legal & General Group Plc increased its holdings in shares of Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after purchasing an additional 4,063 shares during the period. Ameritas Investment Partners Inc. grew its position in Solid Biosciences by 205.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock valued at $33,000 after buying an additional 4,534 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Solid Biosciences by 142.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after buying an additional 5,991 shares during the period. Pallas Capital Advisors LLC bought a new stake in shares of Solid Biosciences during the 2nd quarter worth about $54,000. Finally, Creative Planning bought a new stake in shares of Solid Biosciences during the 2nd quarter worth about $57,000. Institutional investors and hedge funds 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.