Solid Biosciences (NASDAQ:SLDB) Trading 5.5% Higher After Analyst Upgrade

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price traded up 5.5% during trading on Thursday after Truist Financial upgraded the stock to a strong-buy rating. The stock traded as high as $7.61 and last traded at $7.63. 335,353 shares were traded during trading, a decline of 75% from the average session volume of 1,345,952 shares. The stock had previously closed at $7.23.

Other equities analysts have also recently issued research reports about the company. Chardan Capital restated a “buy” rating and issued a $15.00 price target on shares of Solid Biosciences in a report on Friday, March 20th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. HC Wainwright reissued a “buy” rating and set a $20.00 target price on shares of Solid Biosciences in a research report on Monday, March 23rd. Wedbush restated an “outperform” rating and issued a $14.00 target price on shares of Solid Biosciences in a research note on Wednesday, March 11th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.09.

Insider Activity

In other news, CFO Kevin Tan sold 5,404 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total transaction of $31,451.28. Following the completion of the transaction, the chief financial officer directly owned 99,422 shares in the company, valued at approximately $578,636.04. This represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ilan Ganot sold 7,205 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total transaction of $46,400.20. Following the sale, the director directly owned 25,271 shares of the company’s stock, valued at $162,745.24. The trade was a 22.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 597,672 shares of company stock worth $3,816,546 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC increased its position in shares of Solid Biosciences by 10.4% in the 4th quarter. MetLife Investment Management LLC now owns 33,202 shares of the company’s stock worth $187,000 after purchasing an additional 3,124 shares during the last quarter. Quantum Private Wealth LLC lifted its position in shares of Solid Biosciences by 3.9% during the third quarter. Quantum Private Wealth LLC now owns 94,231 shares of the company’s stock worth $581,000 after purchasing an additional 3,500 shares during the last quarter. Legal & General Group Plc lifted its position 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 worth $29,000 after purchasing an additional 4,063 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in Solid Biosciences by 205.5% in the second quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock worth $33,000 after purchasing an additional 4,534 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in Solid Biosciences by 15.2% in the fourth quarter. Intech Investment Management LLC now owns 34,485 shares of the company’s stock worth $194,000 after purchasing an additional 4,539 shares in the last quarter. 81.46% of the stock is currently owned by institutional investors.

Solid Biosciences Price Performance

The stock has a market capitalization of $553.94 million, a P/E ratio of -3.52 and a beta of 2.65. The company has a fifty day moving average of $6.60 and a two-hundred day moving average of $5.85.

Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Thursday, March 19th. The company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.01. As a group, equities research analysts predict that Solid Biosciences Inc. will post -2.84 EPS for the current fiscal year.

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.