Needham & Company LLC Reiterates “Buy” Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $16.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 175.29% from the stock’s current price.

Several other research firms have also recently commented on SLDB. Weiss Ratings reiterated a “sell (d-)” rating on shares of Solid Biosciences in a research note on Wednesday, October 8th. Barclays set a $9.00 target price on shares of Solid Biosciences and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Wall Street Zen lowered Solid Biosciences from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Citigroup reaffirmed a “market outperform” rating on shares of Solid Biosciences in a report on Wednesday, December 17th. Finally, Chardan Capital reissued a “buy” rating and set a $15.00 price objective on shares of Solid Biosciences in a report on Tuesday, November 4th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Solid Biosciences has an average rating of “Moderate Buy” and an average target price of $14.70.

Solid Biosciences Stock Up 12.6%

SLDB stock traded up $0.65 during mid-day trading on Wednesday, reaching $5.81. 778,215 shares of the stock traded hands, compared to its average volume of 1,056,655. The firm has a market capitalization of $452.81 million, a PE ratio of -2.34 and a beta of 2.69. The business has a 50-day moving average of $5.25 and a two-hundred day moving average of $5.61. Solid Biosciences has a 52 week low of $2.41 and a 52 week high of $7.37.

Solid Biosciences (NASDAQ:SLDB) last released its earnings results on Monday, November 3rd. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.06). On average, equities research analysts anticipate that Solid Biosciences will post -2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Alexander Cumbo sold 10,808 shares of Solid Biosciences stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $5.11, for a total value of $55,228.88. Following the completion of the transaction, the chief executive officer owned 81,388 shares in the company, valued at approximately $415,892.68. The trade was a 11.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin Tan sold 5,704 shares of the stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $5.27, for a total value of $30,060.08. Following the sale, the chief financial officer owned 46,100 shares in the company, valued at approximately $242,947. This trade represents a 11.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 32,576 shares of company stock valued at $170,174. 13.63% of the stock is currently owned by insiders.

Institutional Trading of Solid Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc lifted its position in Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after buying an additional 4,063 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Solid Biosciences by 205.5% in the second quarter. Ameritas Investment Partners Inc. now owns 6,740 shares of the company’s stock worth $33,000 after acquiring an additional 4,534 shares during the last quarter. Pallas Capital Advisors LLC acquired a new position in shares of Solid Biosciences during the second quarter worth approximately $54,000. Creative Planning bought a new stake in shares of Solid Biosciences during the second quarter valued at approximately $57,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock valued at $63,000 after purchasing an additional 5,991 shares during the last quarter. 81.46% of the stock is currently owned by institutional investors and hedge funds.

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.