Needham & Company LLC Reiterates “Buy” Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $16.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 182.69% from the company’s previous close.

SLDB has been the subject of a number of other research reports. Barclays set a $9.00 price target on shares of Solid Biosciences and gave the company an “overweight” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. reduced their price target on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Chardan Capital reissued a “buy” rating and set a $15.00 price target on shares of Solid Biosciences in a research note on Tuesday, November 4th. Citigroup reaffirmed a “market outperform” rating on shares of Solid Biosciences in a research note on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Wednesday, October 8th. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Solid Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.70.

Solid Biosciences Trading Down 2.6%

Shares of SLDB stock opened at $5.66 on Wednesday. The stock has a 50 day simple moving average of $5.32 and a 200-day simple moving average of $5.61. The company has a market cap of $440.97 million, a price-to-earnings ratio of -2.27 and a beta of 2.69. Solid Biosciences has a 12-month low of $2.41 and a 12-month high of $7.37.

Solid Biosciences (NASDAQ:SLDB) last announced 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). On average, equities analysts forecast that Solid Biosciences will post -2.84 earnings per share for the current fiscal year.

Insider Activity at Solid Biosciences

In other Solid Biosciences news, CFO Kevin Tan sold 5,704 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $5.27, for a total transaction of $30,060.08. Following the sale, the chief financial officer directly owned 46,100 shares of the company’s stock, valued at $242,947. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alexander Cumbo sold 10,808 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $5.11, for a total transaction 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 approximately $415,892.68. This represents a 11.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,576 shares of company stock valued at $170,174 over the last quarter. Insiders own 1.90% of the company’s stock.

Institutional Trading of Solid Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of SLDB. Vestal Point Capital LP raised its holdings in Solid Biosciences by 97.7% in the 3rd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the company’s stock valued at $18,356,000 after acquiring an additional 1,470,000 shares during the last quarter. Nantahala Capital Management LLC grew its position in shares of Solid Biosciences by 505.4% in the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock valued at $8,295,000 after purchasing an additional 1,421,968 shares during the period. Alyeska Investment Group L.P. grew its position in shares of Solid Biosciences by 2.6% in the third quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock valued at $10,383,000 after purchasing an additional 41,984 shares during the period. Franklin Resources Inc. increased its stake in Solid Biosciences by 28.9% in the second quarter. Franklin Resources Inc. now owns 1,599,173 shares of the company’s stock valued at $7,788,000 after purchasing an additional 358,473 shares during the last quarter. Finally, Geode Capital Management LLC lifted 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 during the period. 81.46% of the stock is 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.