Solid Biosciences (NASDAQ:SLDB) Stock Price Up 6.4% – Here’s Why

Solid Biosciences Inc. (NASDAQ:SLDB) shares were up 6.4% during mid-day 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 Analyst Weigh In

A number of research firms recently commented on SLDB. Citigroup reiterated a “market outperform” rating on shares of Solid Biosciences in a research note on Wednesday, December 17th. JPMorgan Chase & Co. raised their price target 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. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective 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 report on Thursday, January 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Solid Biosciences in a research note on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Solid Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.09.

Solid Biosciences Price Performance

The stock has a market cap of $773.35 million, a PE ratio of -3.89 and a beta of 2.58. The company’s fifty day moving average is $6.71 and its 200-day moving average is $5.93.

Solid Biosciences (NASDAQ:SLDB) last announced its quarterly earnings results on Thursday, March 19th. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.01. Analysts expect that Solid Biosciences Inc. will post -2.84 EPS for the current year.

Insider Activity

In other Solid Biosciences news, insider Gabriel Brooks sold 12,616 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total value of $81,247.04. Following the sale, the insider owned 84,092 shares in the company, valued at approximately $541,552.48. This represents a 13.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ilan Ganot sold 7,205 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $6.44, for a total transaction of $46,400.20. Following the sale, the director directly owned 25,271 shares in the company, valued at $162,745.24. The trade was a 22.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 596,619 shares of company stock valued at $3,810,828 over the last 90 days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Solid Biosciences

A number of hedge funds have recently added to or reduced their stakes in SLDB. MetLife Investment Management LLC grew its position in Solid Biosciences by 10.4% during the fourth quarter. MetLife Investment Management LLC now owns 33,202 shares of the company’s stock valued at $187,000 after buying an additional 3,124 shares during the period. Quantum Private Wealth LLC increased its stake in shares of Solid Biosciences by 3.9% in the 3rd quarter. Quantum Private Wealth LLC now owns 94,231 shares of the company’s stock valued at $581,000 after purchasing an additional 3,500 shares in the last quarter. Legal & General Group Plc raised its holdings in Solid Biosciences by 208.6% in the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock worth $29,000 after purchasing an additional 4,063 shares during the period. Intech Investment Management LLC raised its holdings in Solid Biosciences by 15.2% in the 4th quarter. Intech Investment Management LLC now owns 34,485 shares of the company’s stock worth $194,000 after purchasing an additional 4,539 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Solid Biosciences by 142.0% during the third quarter. Russell Investments Group Ltd. now owns 10,211 shares of the company’s stock worth $63,000 after purchasing an additional 5,991 shares in 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.