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

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $16.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 130.88% from the stock’s previous close.

Several other brokerages also recently issued reports on SLDB. JPMorgan Chase & Co. dropped their target price on shares of Solid Biosciences from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Chardan Capital restated a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a report on Tuesday, November 4th. Barclays set a $9.00 target price on Solid Biosciences and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.70.

Solid Biosciences Trading Up 1.0%

NASDAQ SLDB opened at $6.93 on Monday. Solid Biosciences has a 12 month low of $2.41 and a 12 month high of $7.37. The stock’s fifty day moving average price is $5.91 and its 200-day moving average price is $5.71. The stock has a market cap of $539.92 million, a P/E ratio of -2.78 and a beta of 2.67.

Insider Buying and Selling

In other Solid Biosciences news, CFO Kevin Tan sold 26,837 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $172,830.28. Following the transaction, the chief financial officer directly owned 108,984 shares of the company’s stock, valued at approximately $701,856.96. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alexander Cumbo sold 80,258 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $516,861.52. Following the sale, the chief executive officer directly owned 270,931 shares of the company’s stock, valued at $1,744,795.64. The trade was a 22.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 580,671 shares of company stock valued at $3,701,324 in the last 90 days. Insiders own 13.63% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SLDB. AQR Capital Management LLC bought a new stake in shares of Solid Biosciences during the 1st quarter valued at $418,000. Goldman Sachs Group Inc. lifted its position in Solid Biosciences by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company’s stock valued at $667,000 after purchasing an additional 43,910 shares in the last quarter. Woodline Partners LP purchased a new position in Solid Biosciences during the first quarter valued at $2,338,000. Blair William & Co. IL bought a new stake in Solid Biosciences during the second quarter valued at about $807,000. Finally, ProShare Advisors LLC purchased a new stake in Solid Biosciences in the second quarter worth about $80,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.

About Solid Biosciences

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.