Solid Biosciences (NASDAQ:SLDB) Trading Down 6.7% – Here’s What Happened
by Sarita Garza · The Markets DailySolid Biosciences Inc. (NASDAQ:SLDB – Get Free Report)’s stock price traded down 6.7% during trading on Friday . The stock traded as low as $7.19 and last traded at $7.2150. 267,657 shares were traded during mid-day trading, a decline of 80% from the average session volume of 1,341,661 shares. The stock had previously closed at $7.73.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on SLDB shares. JPMorgan Chase & Co. upped their target price on Solid Biosciences from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Wednesday. Guggenheim began coverage on Solid Biosciences in a research note on Friday, March 20th. They issued a “buy” rating and a $26.00 price target on the stock. Chardan Capital reissued a “buy” rating and set a $15.00 price target on shares of Solid Biosciences in a report on Friday, March 20th. Truist Financial upgraded Solid Biosciences to a “strong-buy” rating in a research report on Wednesday. Finally, Citigroup reiterated a “market outperform” rating on shares of Solid Biosciences in a research report on Wednesday, December 17th. 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. Based on data from MarketBeat.com, Solid Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.09.
View Our Latest Stock Report on SLDB
Solid Biosciences Stock Performance
The stock’s 50 day moving average price is $6.57 and its 200 day moving average price is $5.84. The company has a market capitalization of $557.84 million, a P/E ratio of -3.54 and a beta of 2.65.
Solid Biosciences (NASDAQ:SLDB – Get Free Report) last announced its quarterly earnings data on Thursday, March 19th. The company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.01. On average, analysts expect that Solid Biosciences Inc. will post -2.84 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Solid Biosciences news, COO David T. Howton sold 37,771 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $243,245.24. Following the completion of the transaction, the chief operating officer owned 116,753 shares in the company, valued at $751,889.32. This represents a 24.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alexander Cumbo sold 80,258 shares of Solid Biosciences stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $6.44, for a total transaction of $516,861.52. Following the completion of the sale, the chief executive officer directly owned 270,931 shares in the company, valued at approximately $1,744,795.64. This represents a 22.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 597,672 shares of company stock valued at $3,816,546. 1.90% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. Siren L.L.C. increased its position in shares of Solid Biosciences by 3.7% during the fourth quarter. Siren L.L.C. now owns 7,690,405 shares of the company’s stock valued at $43,374,000 after buying an additional 274,500 shares during the period. Vestal Point Capital LP increased its stake in Solid Biosciences by 95.5% in the fourth quarter. Vestal Point Capital LP now owns 5,815,000 shares of the company’s stock valued at $32,797,000 after acquiring an additional 2,840,000 shares during the last quarter. Armistice Capital LLC raised its holdings in shares of Solid Biosciences by 179.1% during the 4th quarter. Armistice Capital LLC now owns 2,612,000 shares of the company’s stock valued at $14,732,000 after buying an additional 1,676,000 shares in the last quarter. Nantahala Capital Management LLC lifted its position in Solid Biosciences by 505.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,703,336 shares of the company’s stock worth $8,295,000 after buying an additional 1,421,968 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in 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 worth $10,383,000 after buying an additional 41,984 shares during the last quarter. 81.46% of the stock is currently owned by hedge funds and other institutional investors.
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.