Solid Biosciences (NASDAQ:SLDB) Sets New 12-Month High - Here's What Happened

Key Points

• Solid Biosciences hit a new 52-week high, trading as high as $8.73 and last at $8.6060 on Tuesday with about 19,932 shares changing hands.
• Analysts are generally bullish—MarketBeat shows a "Moderate Buy" consensus and an average price target of $16.09, with firms like Guggenheim ($26), Needham ($19), JPMorgan ($12) and Truist (strong-buy) initiating or raising coverage while Weiss Ratings remains a sell.
• Insiders have been net sellers amid strong institutional ownership: insiders sold 590,915 shares (≈$3.78M) over the last 90 days and hold 1.90% of shares, while institutions own about 81.46% with several funds notably increasing stakes.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $8.73 and last traded at $8.6060, with a volume of 19932 shares changing hands. The stock had previously closed at $8.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Guggenheim assumed coverage on Solid Biosciences in a research report on Friday, March 20th. They issued a "buy" rating and a $26.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Solid Biosciences from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Wednesday, March 25th. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Solid Biosciences in a research report on Friday, March 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Solid Biosciences in a research report on Thursday, January 22nd. Finally, Truist Financial upgraded Solid Biosciences to a "strong-buy" rating in a report on Wednesday, March 25th. One investment 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 company. According to data from MarketBeat, Solid Biosciences has a consensus rating of "Moderate Buy" and an average price target of $16.09.

Solid Biosciences Stock Up 5.1%

The stock has a market cap of $867.81 million, a price-to-earnings ratio of -4.37 and a beta of 2.58. The stock has a fifty day moving average of $6.89 and a two-hundred day moving average of $6.03.

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

Insider Activity at Solid Biosciences

In other Solid Biosciences news, insider Gabriel Brooks sold 28,335 shares of the business's stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $182,477.40. Following the transaction, the insider owned 96,708 shares in the company, valued at $622,799.52. The trade was a 22.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jessie Hanrahan sold 26,535 shares of the business's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $6.44, for a total value of $170,885.40. Following the completion of the sale, the insider directly owned 82,675 shares of the company's stock, valued at approximately $532,427. This represents a 24.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 590,915 shares of company stock valued at $3,780,768 over the last 90 days. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Solid Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. increased its holdings in Solid Biosciences by 29.6% in the fourth quarter. Invesco Ltd. now owns 152,126 shares of the company's stock valued at $858,000 after buying an additional 34,758 shares during the last quarter. XTX Topco Ltd bought a new stake in Solid Biosciences in the fourth quarter valued at about $201,000. Vestal Point Capital LP increased its holdings in Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company's stock valued at $32,797,000 after buying an additional 2,840,000 shares during the last quarter. Armistice Capital LLC increased its holdings in Solid Biosciences by 179.1% in the fourth quarter. Armistice Capital LLC now owns 2,612,000 shares of the company's stock valued at $14,732,000 after buying an additional 1,676,000 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its holdings in Solid Biosciences by 168.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 182,869 shares of the company's stock valued at $1,031,000 after buying an additional 114,867 shares during the last quarter. 81.46% of the stock is owned by institutional investors.

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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