Solid Biosciences (NASDAQ:SLDB) Earns "Buy" Rating from HC Wainwright

Key Points

• HC Wainwright reiterated a "Buy" and set a $20 price objective on Solid Biosciences, implying roughly a 184.5% upside$16 ("Moderate Buy").
• Company insiders sold heavily last quarter—597,672 shares worth about $3.82 million—while insiders still own 13.63% of shares and institutional investors own 81.46% of the stock.
• Solid is a clinical-stage biotech developing DMD gene therapies (lead candidate SGT‑001); the stock opened at $7.03, has a one-year range of $2.41–$8.72 and reported a slight EPS beat of ($0.50) vs. ($0.51) last quarter.

Solid Biosciences (NASDAQ:SLDB - Get Free Report)'s stock had its "buy" rating restated by HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $20.00 price objective on the stock. HC Wainwright's price target suggests a potential upside of 184.50% from the company's current price.

SLDB has been the subject of a number of other reports. Chardan Capital reaffirmed a "buy" rating and issued a $15.00 target price on shares of Solid Biosciences in a report on Friday. Wedbush restated an "outperform" rating and issued a $14.00 price target on shares of Solid Biosciences in a report on Wednesday, March 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price objective on shares of Solid Biosciences in a report on Friday. Finally, Citigroup reiterated a "market outperform" rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.00.

Solid Biosciences Stock Performance

Shares of NASDAQ SLDB opened at $7.03 on Monday. Solid Biosciences has a one year low of $2.41 and a one year high of $8.72. The firm has a market capitalization of $547.71 million, a P/E ratio of -3.48 and a beta of 2.64. The company's fifty day moving average is $6.43 and its two-hundred day moving average is $5.80.

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

Insider Transactions at Solid Biosciences

In other Solid Biosciences news, CFO Kevin Tan sold 5,404 shares of the stock in a transaction 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 sale, the chief financial officer owned 99,422 shares in the company, valued at approximately $578,636.04. This represents a 5.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alexander Cumbo sold 16,644 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 235,405 shares of the company's stock, valued at $1,370,057.10. The trade was a 6.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 597,672 shares of company stock worth $3,816,546 in the last quarter. Insiders own 13.63% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Legal & General Group Plc boosted its holdings 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. lifted its position in Solid Biosciences by 205.5% during the second quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company's stock worth $33,000 after buying an additional 4,534 shares during the period. Creative Planning acquired a new stake in Solid Biosciences in the 2nd quarter worth about $57,000. Russell Investments Group Ltd. boosted its stake in Solid Biosciences by 142.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock worth $63,000 after buying an additional 5,991 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in Solid Biosciences by 233.8% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 15,113 shares of the company's stock valued at $74,000 after buying an additional 10,585 shares during the period. 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.

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.