The Manufacturers Life Insurance Company Buys New Shares in Solid Biosciences Inc. (NASDAQ:SLDB)

The Manufacturers Life Insurance Company purchased a new position in shares of Solid Biosciences Inc. (NASDAQ:SLDB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,116 shares of the company’s stock, valued at approximately $71,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Solid Biosciences during the 2nd quarter valued at about $392,000. Rhumbline Advisers purchased a new position in shares of Solid Biosciences during the second quarter worth approximately $191,000. Acadian Asset Management LLC bought a new stake in shares of Solid Biosciences in the 2nd quarter worth approximately $379,000. Ground Swell Capital LLC bought a new position in shares of Solid Biosciences during the 2nd quarter valued at $76,000. Finally, American Century Companies Inc. raised its position in Solid Biosciences by 39.9% in the 2nd quarter. American Century Companies Inc. now owns 34,557 shares of the company’s stock worth $196,000 after purchasing an additional 9,853 shares during the period. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLDB has been the topic of a number of recent research reports. Citizens Jmp raised Solid Biosciences to a “strong-buy” rating in a research note on Tuesday, December 10th. Wedbush assumed coverage on Solid Biosciences in a research report on Friday, December 13th. They issued an “outperform” rating and a $16.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Solid Biosciences in a report on Thursday, December 12th. JMP Securities began coverage on shares of Solid Biosciences in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $15.00 target price on the stock. Finally, William Blair raised shares of Solid Biosciences to a “strong-buy” rating in a research report on Friday, August 30th. Eight investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Solid Biosciences currently has an average rating of “Buy” and a consensus target price of $15.22.

Insider Transactions at Solid Biosciences

In other news, COO David T. Howton sold 5,072 shares of Solid Biosciences stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $5.60, for a total transaction of $28,403.20. Following the completion of the transaction, the chief operating officer now directly owns 15,663 shares in the company, valued at approximately $87,712.80. This trade represents a 24.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alexander Cumbo sold 11,114 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $5.60, for a total value of $62,238.40. Following the completion of the sale, the chief executive officer now directly owns 38,484 shares in the company, valued at approximately $215,510.40. This represents a 22.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,719 shares of company stock valued at $135,457. Corporate insiders own 13.63% of the company’s stock.

Solid Biosciences Trading Down 3.0 %

Shares of NASDAQ SLDB opened at $4.46 on Wednesday. The firm has a fifty day simple moving average of $5.65 and a two-hundred day simple moving average of $7.05. Solid Biosciences Inc. has a 12 month low of $4.36 and a 12 month high of $15.05. The firm has a market capitalization of $178.20 million, a PE ratio of -1.45 and a beta of 2.01.

Solid Biosciences (NASDAQ:SLDB) last released its quarterly earnings results 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, sell-side analysts predict that Solid Biosciences Inc. will post -2.85 earnings per share for the current year.

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.