Solid Biosciences (NASDAQ:SLDB) Rating Increased to Strong-Buy at Truist Financial

Key Points

• Truist Financial upgraded Solid Biosciences (NASDAQ:SLDB) to a Strong-Buy; overall analyst mix is 1 Strong Buy, 11 Buy and 1 Sell, and the consensus rating is "Moderate Buy" with a $16.09 target price.
• SLDB opened at $7.50 (down 5.3%), with a market cap of about $738 million and a 12‑month range of $2.41–$8.87; the 50‑day and 200‑day SMAs are $7.24 and $6.19, respectively.
• Insiders sold roughly 590,915 shares (~$3.78M) in the last 90 days (insiders own 13.63%) while institutional investors hold 81.46%; the company reported a quarterly loss of ($0.50) EPS (beat by $0.01) and analysts forecast -1.6 EPS for the year.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) was upgraded by equities researchers at Truist Financial to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also weighed in on SLDB. 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. JPMorgan Chase & Co. raised their price objective on shares of Solid Biosciences from $11.00 to $12.00 and gave the stock an "overweight" rating in a report on Wednesday, March 25th. Chardan Capital restated a "buy" rating and set a $15.00 price objective on shares of Solid Biosciences in a research report on Friday, March 20th. Wedbush restated an "outperform" rating and issued a $14.00 target price on shares of Solid Biosciences in a report on Wednesday, March 11th. Finally, Wall Street Zen lowered shares of Solid Biosciences from a "hold" rating to a "sell" rating in a research note on Sunday, April 19th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Solid Biosciences has an average rating of "Moderate Buy" and a consensus target price of $16.09.

Solid Biosciences Trading Down 5.3%

Solid Biosciences stock opened at $7.50 on Monday. The company has a fifty day simple moving average of $7.24 and a 200-day simple moving average of $6.19. The stock has a market cap of $738.08 million, a P/E ratio of -3.71 and a beta of 2.58. Solid Biosciences has a 12-month low of $2.41 and a 12-month high of $8.87.

Solid Biosciences (NASDAQ:SLDB - Get Free Report) last posted its 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. As a group, sell-side analysts forecast that Solid Biosciences will post -1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO David T. Howton sold 7,469 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total transaction of $43,469.58. Following the completion of the sale, the chief operating officer owned 105,077 shares in the company, valued at approximately $611,548.14. This represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gabriel Brooks sold 12,616 shares of the firm's stock in a transaction dated 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 approximately $541,552.48. This represents a 13.05% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 590,915 shares of company stock valued at $3,780,768. 13.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new stake in shares of Solid Biosciences during the first quarter worth approximately $418,000. Goldman Sachs Group Inc. grew its position in Solid Biosciences by 32.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 180,137 shares of the company's stock valued at $667,000 after buying an additional 43,910 shares during the last quarter. Woodline Partners LP acquired a new position in Solid Biosciences in the 1st quarter valued at $2,338,000. Creative Planning purchased a new position in Solid Biosciences during the 2nd quarter worth $57,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Solid Biosciences by 111.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 34,379 shares of the company's stock worth $167,000 after acquiring an additional 18,094 shares during the period. Institutional investors and hedge funds own 81.46% of the company's stock.

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.

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