Wall Street Zen Downgrades Solid Biosciences (NASDAQ:SLDB) to Strong Sell

Solid Biosciences (NASDAQ:SLDB) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday.

A number of other research firms have also recently weighed in on SLDB. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Solid Biosciences in a report on Friday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Solid Biosciences in a report on Monday, March 23rd. Truist Financial raised shares of Solid Biosciences to a “strong-buy” rating in a report on Monday, April 27th. JPMorgan Chase & Co. raised their target price on shares of Solid Biosciences from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Wednesday, March 25th. Finally, Needham & Company LLC reissued a “buy” rating and set 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.36.

Solid Biosciences Price Performance

SLDB stock opened at $6.92 on Friday. Solid Biosciences has a fifty-two week low of $2.61 and a fifty-two week high of $8.87. The firm’s 50-day simple moving average is $7.55 and its 200 day simple moving average is $6.30. The stock has a market cap of $681.27 million, a PE ratio of -3.55 and a beta of 2.47.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.12). Equities analysts forecast that Solid Biosciences will post -1.74 EPS for the current fiscal year.

Insider Buying and Selling at Solid Biosciences

In other Solid Biosciences news, CFO Kevin Tan sold 5,404 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total transaction of $31,451.28. Following the transaction, the chief financial officer owned 99,422 shares of the company’s stock, valued at approximately $578,636.04. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David T. Howton sold 7,469 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $5.82, for a total transaction of $43,469.58. Following the transaction, the chief operating officer owned 105,077 shares of the company’s stock, valued at approximately $611,548.14. This trade represents a 6.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 39,925 shares of company stock valued at $232,364. Company insiders own 13.63% of the company’s stock.

Hedge Funds Weigh In On Solid Biosciences

Large investors have recently made changes to their positions in the business. Legal & General Group Plc boosted its position in shares of Solid Biosciences by 208.6% during the 2nd quarter. Legal & General Group Plc now owns 6,011 shares of the company’s stock valued at $29,000 after purchasing an additional 4,063 shares in the last quarter. Creative Planning bought a new position in shares of Solid Biosciences during the 2nd quarter valued at about $57,000. Russell Investments Group Ltd. boosted its position in shares of Solid Biosciences by 142.0% during the 3rd 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 in the last quarter. Polymer Capital Management US LLC bought a new position in shares of Solid Biosciences during the 3rd quarter valued at about $94,000. Finally, Fox Run Management L.L.C. bought a new position in shares of Solid Biosciences during the 3rd quarter valued at about $114,000. 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.