Solid Biosciences (NASDAQ:SLDB) Trading 6.4% Higher - Here's What Happened

Key Points

• Shares rose 6.4% to $7.97 on Monday (trading as high as $7.85) on roughly 132,215 shares exchanged—about 90% below the stock's average daily volume—with a market cap near $773 million and 50-/200-day moving averages of $6.71 and $5.93.
• Wall Street sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average price target of $16.09, backed by multiple buy ratings (e.g., Guggenheim $26, HC Wainwright $20).
• Insiders have been net sellers recently—including COO and CFO sales on Feb. 2—and insiders sold about 596,619 shares (~$3.81M) over the last quarter, while institutional investors hold roughly 81.46% of the stock.

Solid Biosciences Inc. (NASDAQ:SLDB - Get Free Report) shares rose 6.4% during trading on Monday . The stock traded as high as $7.85 and last traded at $7.97. Approximately 132,215 shares changed hands during trading, a decline of 90% from the average daily volume of 1,325,357 shares. The stock had previously closed at $7.49.

Wall Street Analysts Forecast Growth

SLDB has been the topic of a number of recent research reports. Citigroup reissued a "market outperform" rating on shares of Solid Biosciences in a report on Wednesday, December 17th. Chardan Capital reissued a "buy" rating and issued a $15.00 price objective on shares of Solid Biosciences in a report on Friday, March 20th. Guggenheim assumed coverage on shares of Solid Biosciences in a report on Friday, March 20th. They set a "buy" rating and a $26.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $20.00 price target on shares of Solid Biosciences in a research report on Monday, March 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $19.00 price target on shares of Solid Biosciences in a research note on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Solid Biosciences has an average rating of "Moderate Buy" and a consensus price target of $16.09.

Solid Biosciences Stock Up 4.9%

The stock's 50 day moving average price is $6.71 and its 200-day moving average price is $5.93. The stock has a market capitalization of $773.35 million, a PE ratio of -3.89 and a beta of 2.58.

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. As a group, sell-side analysts predict that Solid Biosciences Inc. will post -2.84 earnings per share for the current fiscal year.

Insider Activity at Solid Biosciences

In other news, COO David T. Howton sold 37,771 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $751,889.32. This trade represents a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin Tan sold 26,837 shares of the business's 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 $172,830.28. Following the completion of the transaction, the chief financial officer directly owned 108,984 shares of the company's stock, valued at $701,856.96. This trade represents a 19.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 596,619 shares of company stock worth $3,810,828 over the last quarter. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Solid Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its position in Solid Biosciences by 208.6% during the second quarter. Legal & General Group Plc now owns 6,011 shares of the company's stock valued at $29,000 after acquiring an additional 4,063 shares during the last quarter. Creative Planning acquired a new position in Solid Biosciences during the 2nd quarter valued at about $57,000. Russell Investments Group Ltd. raised its stake in Solid Biosciences by 142.0% in the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company's stock valued at $63,000 after buying an additional 5,991 shares during the last quarter. Polymer Capital Management US LLC purchased a new stake in Solid Biosciences in the third quarter valued at about $94,000. Finally, Fox Run Management L.L.C. acquired a new stake in Solid Biosciences in the third quarter worth about $114,000. Hedge funds and other institutional investors 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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