Solid Biosciences (NASDAQ:SLDB) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Solid Biosciences (NASDAQ:SLDB) from a "hold" to a "sell" in a note to investors issued Sunday.
• Analyst coverage is mixed: several firms (Chardan, JPMorgan, Guggenheim, Wedbush) maintain buy/overweight ratings with price targets between $12 and $26 while Weiss reiterated a sell; MarketBeat shows a consensus "Moderate Buy" with an average price target of $16.09.
• Insiders have been selling—the COO and CFO sold sizable blocks on Feb. 2 and insiders sold ~590,915 shares (~$3.78M) over the past 90 days; the company reported quarterly EPS of ($0.50), slightly beating estimates, with analysts forecasting -2.84 EPS for the year.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Sunday.

Several other analysts also recently commented on SLDB. Chardan Capital reiterated a "buy" rating and issued a $15.00 price target on shares of Solid Biosciences in a research report on Friday, March 20th. JPMorgan Chase & Co. upped their price target on shares of Solid Biosciences from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Wednesday, March 25th. Guggenheim assumed coverage on shares of Solid Biosciences in a research report on Friday, March 20th. They issued a "buy" rating and a $26.00 price target for the company. Wedbush reiterated an "outperform" rating and issued a $14.00 price target on shares of Solid Biosciences in a research report on Wednesday, March 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Solid Biosciences has an average rating of "Moderate Buy" and a consensus price target of $16.09.

Solid Biosciences Stock Up 2.9%

SLDB opened at $8.63 on Friday. The firm's fifty day simple moving average is $7.04 and its two-hundred day simple moving average is $6.09. Solid Biosciences has a 52-week low of $2.41 and a 52-week high of $8.87. The company has a market cap of $849.11 million, a price-to-earnings ratio of -4.27 and a beta of 2.58.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last released its quarterly earnings results on Thursday, March 19th. The company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.51) by $0.01. On average, research analysts forecast that Solid Biosciences will post -2.84 EPS for the current year.

Insider Buying and Selling at Solid Biosciences

In other news, COO David T. Howton sold 37,771 shares of the company's stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total transaction of $243,245.24. Following the transaction, the chief operating officer directly owned 116,753 shares of the company's stock, valued at $751,889.32. This represents a 24.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin Tan sold 26,837 shares of the company's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $172,830.28. Following the transaction, the chief financial officer directly owned 108,984 shares in the company, valued at approximately $701,856.96. This trade represents a 19.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 590,915 shares of company stock worth $3,780,768. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in shares of Solid Biosciences by 29.6% during the 4th quarter. Invesco Ltd. now owns 152,126 shares of the company's stock worth $858,000 after purchasing an additional 34,758 shares during the period. XTX Topco Ltd acquired a new position in shares of Solid Biosciences during the 4th quarter worth $201,000. Vestal Point Capital LP grew its stake in shares of Solid Biosciences by 95.5% during the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company's stock worth $32,797,000 after purchasing an additional 2,840,000 shares during the period. Armistice Capital LLC grew its stake in shares of Solid Biosciences by 179.1% during the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company's stock worth $14,732,000 after purchasing an additional 1,676,000 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its stake in shares of Solid Biosciences by 168.9% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 182,869 shares of the company's stock worth $1,031,000 after purchasing an additional 114,867 shares during the period. 81.46% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.