HC Wainwright Reiterates “Buy” Rating for Solid Biosciences (NASDAQ:SLDB)

Solid Biosciences (NASDAQ:SLDB)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report released on Friday,Benzinga reports. They presently have a $16.00 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 334.78% from the company’s current price.

SLDB has been the subject of several other reports. Truist Financial started coverage on Solid Biosciences in a report on Wednesday. They issued a “buy” rating and a $16.00 target price for the company. JMP Securities initiated coverage on shares of Solid Biosciences in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $15.00 price objective for the company. Wedbush initiated coverage on shares of Solid Biosciences in a research note on Friday, December 13th. They issued an “outperform” rating and a $16.00 target price on the stock. JPMorgan Chase & Co. cut their target price on shares of Solid Biosciences from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Finally, Citizens Jmp raised Solid Biosciences to a “strong-buy” rating in a research report on Tuesday, December 10th. Nine research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $15.30.

Solid Biosciences Stock Down 8.7 %

SLDB stock opened at $3.68 on Friday. The company has a market capitalization of $147.03 million, a price-to-earnings ratio of -1.21 and a beta of 2.05. The firm has a 50 day moving average of $4.88 and a two-hundred day moving average of $6.60. Solid Biosciences has a 12 month low of $3.42 and a 12 month high of $15.05.

Solid Biosciences (NASDAQ:SLDB) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.12). On average, research analysts expect that Solid Biosciences will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO David T. Howton sold 5,072 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total value of $28,403.20. Following the completion of the transaction, the chief operating officer now owns 15,663 shares of the company’s stock, valued at $87,712.80. This represents a 24.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jessie Hanrahan sold 4,610 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $5.60, for a total transaction of $25,816.00. Following the transaction, the insider now owns 14,235 shares of the company’s stock, valued at approximately $79,716. This represents a 24.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,775 shares of company stock worth $140,008. 13.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Solid Biosciences

A number of hedge funds have recently modified their holdings of SLDB. Barclays PLC increased its position in shares of Solid Biosciences by 412.1% during the 3rd quarter. Barclays PLC now owns 62,856 shares of the company’s stock worth $439,000 after purchasing an additional 50,582 shares in the last quarter. XTX Topco Ltd bought a new stake in Solid Biosciences during the third quarter worth about $121,000. Wellington Management Group LLP increased its holdings in shares of Solid Biosciences by 183.6% during the third quarter. Wellington Management Group LLP now owns 119,804 shares of the company’s stock worth $835,000 after buying an additional 77,564 shares in the last quarter. State Street Corp raised its stake in shares of Solid Biosciences by 9.2% in the third quarter. State Street Corp now owns 441,540 shares of the company’s stock valued at $3,078,000 after acquiring an additional 37,130 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Solid Biosciences by 292.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 443,010 shares of the company’s stock worth $3,088,000 after acquiring an additional 330,234 shares in the last quarter. 81.46% of the stock is owned by institutional investors and hedge funds.

Solid Biosciences Company Profile

Solid Biosciences Inc, a life science company, develops therapies for neuromuscular and cardiac diseases in the United States. The company's lead product candidate is SGT-003, a gene transfer candidate for the treatment of Duchenne muscular dystrophy; and SGT-501 to treat Catecholaminergic polymorphic ventricular tachycardia.