Solid Biosciences (NASDAQ:SLDB) Sets New 12-Month High – Here’s What Happened

Solid Biosciences Inc. (NASDAQ:SLDB)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $8.73 and last traded at $8.6060, with a volume of 19932 shares trading hands. The stock had previously closed at $8.39.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Solid Biosciences in a report on Monday, March 23rd. Truist Financial raised Solid Biosciences to a “strong-buy” rating in a report on Wednesday, March 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Solid Biosciences in a report on Friday, March 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Solid Biosciences in a report on Thursday, January 22nd. Finally, Wall Street Zen raised Solid Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. One research 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.09.

Solid Biosciences Stock Performance

The firm has a market capitalization of $867.81 million, a P/E ratio of -4.37 and a beta of 2.58. The business has a fifty day moving average of $6.89 and a 200-day moving average of $6.03.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.01. On average, equities research analysts forecast that Solid Biosciences Inc. will post -2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kevin Tan sold 26,837 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value 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 represents a 19.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Alexander Cumbo sold 80,258 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $6.44, for a total value of $516,861.52. Following the completion of the transaction, the chief executive officer directly owned 270,931 shares of the company’s stock, valued at $1,744,795.64. This trade represents a 22.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 590,915 shares of company stock worth $3,780,768. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Solid Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc lifted its position in Solid Biosciences by 208.6% in the second 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. Creative Planning acquired a new stake in Solid Biosciences in the second quarter worth approximately $57,000. Russell Investments Group Ltd. lifted its position in Solid Biosciences by 142.0% in 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 during the period. Polymer Capital Management US LLC acquired a new stake in Solid Biosciences in the third quarter worth approximately $94,000. Finally, Fox Run Management L.L.C. acquired a new stake in Solid Biosciences in the third quarter worth approximately $114,000. 81.46% of the stock is owned by 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.