Solid Biosciences (NASDAQ:SLDB) Stock Price Down 3.9% - Here's Why

Key Points

• Shares slid 3.9% on Monday to $7.7050, trading as low as $7.72 on an unusually light volume of 239,255 shares (about 81% below the average session volume).
• Analysts are largely bullish with a MarketBeat average rating of "Moderate Buy" and an average price target of $16.09, with individual targets ranging up to $26 from firms like Guggenheim.
• Significant insider selling has occurred recently—insiders sold 596,619 shares (~$3.81M) in the past 90 days (COO and others reduced positions); insiders own 13.63% while institutional investors hold 81.46% of the stock.

Shares of Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) traded down 3.9% during trading on Monday . The company traded as low as $7.72 and last traded at $7.7050. 239,255 shares traded hands during trading, a decline of 81% from the average session volume of 1,286,084 shares. The stock had previously closed at $8.02.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. HC Wainwright reissued a "buy" rating and set a $20.00 target price on shares of Solid Biosciences in a research note on Monday, March 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Solid Biosciences in a research note on Thursday, January 22nd. Wedbush reissued an "outperform" rating and set a $14.00 target price on shares of Solid Biosciences in a research note on Wednesday, March 11th. Guggenheim assumed coverage on shares of Solid Biosciences in a research note on Friday, March 20th. They set a "buy" rating and a $26.00 target price for the company. Finally, Truist Financial raised shares of Solid Biosciences to a "strong-buy" rating in a research note on Wednesday, March 25th. One research 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's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $16.09.

Solid Biosciences Trading Up 4.3%

The company has a market capitalization of $823.33 million, a price-to-earnings ratio of -4.22 and a beta of 2.58. The firm's fifty day simple moving average is $6.85 and its two-hundred day simple moving average is $6.01.

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

Insider Transactions at Solid Biosciences

In other news, COO David T. Howton sold 37,771 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $6.44, for a total value of $243,245.24. Following the transaction, the chief operating officer directly owned 116,753 shares in the company, valued at approximately $751,889.32. This represents a 24.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gabriel Brooks sold 28,335 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $182,477.40. Following the sale, the insider owned 96,708 shares in the company, valued at approximately $622,799.52. This trade represents a 22.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 596,619 shares of company stock worth $3,810,828. 13.63% of the stock is owned by company insiders.

Institutional Investors Weigh In On Solid Biosciences

A number of large investors have recently modified their holdings of the company. Siren L.L.C. increased its position 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 during the last quarter. Vestal Point Capital LP increased its position in shares of Solid Biosciences by 95.5% in the 4th quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company's stock valued at $32,797,000 after purchasing an additional 2,840,000 shares during the last quarter. Armistice Capital LLC increased its position in shares of Solid Biosciences by 179.1% in the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company's stock valued at $14,732,000 after purchasing an additional 1,676,000 shares during the last quarter. Nantahala Capital Management LLC increased its position in shares of Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company's stock valued at $8,295,000 after purchasing an additional 1,421,968 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its position in shares of Solid Biosciences by 2.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,682,805 shares of the company's stock valued at $10,383,000 after purchasing an additional 41,984 shares during the last quarter. 81.46% of the stock is owned by hedge funds and other 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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