Solid Biosciences (NASDAQ:SLDB) Upgraded at Truist Financial

Truist Financial upgraded shares of Solid Biosciences (NASDAQ:SLDB) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also recently commented on the company. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of Solid Biosciences in a research note on Monday, March 23rd. Citigroup reiterated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price objective on shares of Solid Biosciences in a research note on Friday, March 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. Finally, Guggenheim initiated coverage on shares of Solid Biosciences in a research note on Friday, March 20th. They issued a “buy” rating and a $26.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Solid Biosciences currently has an average rating of “Moderate Buy” and an average target price of $16.09.

Solid Biosciences Stock Down 8.0%

Shares of SLDB stock opened at $7.11 on Wednesday. The stock’s 50-day moving average price is $6.60 and its 200 day moving average price is $5.85. The stock has a market capitalization of $553.94 million, a PE ratio of -3.52 and a beta of 2.65. Solid Biosciences has a 52-week low of $2.41 and a 52-week high of $8.72.

Solid Biosciences (NASDAQ:SLDB) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.01. Analysts expect that Solid Biosciences will post -2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Alexander Cumbo sold 16,644 shares of Solid Biosciences stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $5.82, for a total value of $96,868.08. Following the sale, the chief executive officer directly owned 235,405 shares in the company, valued at $1,370,057.10. The trade was a 6.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gabriel Brooks sold 12,616 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total value of $81,247.04. Following the transaction, the insider directly owned 84,092 shares in the company, valued at $541,552.48. This represents a 13.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 597,672 shares of company stock worth $3,816,546. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Siren L.L.C. increased its holdings in shares of Solid Biosciences by 3.7% in the 4th quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock valued at $43,374,000 after purchasing an additional 274,500 shares in the last quarter. Vestal Point Capital LP boosted its holdings in Solid Biosciences by 95.5% during the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock worth $32,797,000 after buying an additional 2,840,000 shares in the last quarter. Armistice Capital LLC boosted its holdings in Solid Biosciences by 179.1% during the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock worth $14,732,000 after buying an additional 1,676,000 shares in the last quarter. Nantahala Capital Management LLC grew its position in Solid Biosciences by 505.4% during the second quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after buying an additional 1,421,968 shares during the period. Finally, Alyeska Investment Group L.P. grew its position in Solid Biosciences by 2.6% during the third quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company’s stock worth $10,383,000 after buying an additional 41,984 shares during the period. 81.46% of the stock is owned by institutional investors and hedge funds.

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.